Any good report would have a brief INTERPRETATION of the graph in a caption below it. That is, what are you trying to say with the graph? That way, anyone who just flips open your report looking for data can instantly interpret your data without reading the whole report. But no, you don't need a title at the top (especially if it is the standard useless title that most people use) and the title in the caption. I greatly perfer no title and only a caption (to maximize the space on the graph for the graph and not for words), but that is my preference.
For example, suppose you had a graph of your cities temperature vs. the date. Most people do this:
1) Have a label for "Temperature" on the Y-axis.
2) Have a label for "Date" on the X-axis.
3) As a title, they say "Temperature vs. Date". Gee, isn't that useless and redundant already? The X- and Y-axis already says that.
4) As a caption, they say "Temperature vs. Date". Now it is doubly redundant.
I'd perfer this:
1) Have a label for "Temperature" on the Y-axis.
2) Have a label for "Date" on the X-axis.
3) No title.
4) As a caption, say "Figure 10: A large temperature spike from April 3 through April 11th contribuled to the start of our drought."