The department shall include a report on the effectiveness of this title as part of its annual solid waste management plan as required by section 27-0103 of this chapter. The report shall contain a review of other toxic substances contained in packaging and recommend additions to the list of hazardous ingredients set forth in this title in order to further reduce the toxicity of packaging waste, and shall contain a recommendation whether to continue the recycling exemption as it is provided for in subdivision three of section 37-0207 of this title, and a description of the nature of the substitutes used in lieu of the lead, mercury, cadmium, or hexavalent chromium. The department may include recommendations of the source reduction council of the conference of North-Eastern governors in the report. Recommendations made by the department to eliminate toxic substances contained in packaging shall include a determination of whether the ingredient presents or will present an unreasonable risk to health or the environment, based upon a recognized risk assessment protocol and taking into account the magnitude and severity of the harm against the benefits of the substance or mixture to society as well as the availability of substitutes for the substance or mixture and other adverse effects which such proposed action to eliminate such ingredient may have on society.