Whenever any investigation or judicial action stemming from a traffic accident which resulted in death or injury to any person or damage to any property in an apparent extent of five hundred dollars ($500) or more results in a finding that a physical traffic hazard caused or was responsible for the traffic accident, the investigating traffic enforcement officer or presiding judicial officer shall submit a written statement of his finding to the safety engineer of the department and to the board of county commissioners of the county in which the accident occurred. Within sixty (60) days, the department shall examine and report on the alleged traffic hazard. Copies of the report shall be sent to the reporting traffic enforcement officer or presiding judicial officer who originated the action and the board of county commissioners of the county in which the accident occurred. The report by the department shall contain the engineer’s explanation of the hazard and shall propose what can be done to alleviate the hazard or what has been done to alleviate the hazard, or information to fully explain why no action has been taken or is anticipated.