(1) (a) For the 2021-22 state fiscal year and each state fiscal year thereafter, the department and commission shall submit a budget request by November 1 of each year that includes: (I) A detailed description of requests for additional ongoing and temporary funding pursuant to section 23-18-303.5 (2) and (3) and recommendations for additional funding, if any; and (II) Recommendations for: (A) Changes in the amount of performance funding pursuant to section 23-18-303.5 (4), if any; (B) The percentage allocation of performance funding among the performance funding metrics specified in section 23-18-303.5 (4)(b); (C) Additional funding for fee-for-service contracts pursuant to section 23-18-304, if any; and (D) Tuition spending authority for the state institutions of higher education. (b) The department's and commission's budget must include: (I) A detailed calculation of the funding recommended for each governing board, local district college, and area technical college pursuant to sections 23-18-303.5, 23-18-304, and 23- 18-308, as applicable; and (II) A document, developed in collaboration with the governing boards, local district colleges, and area technical colleges, that identifies the annual change in funding received by all institutions pursuant to section 23-18-303.5 (2) and clearly and separately identifies the annual change in funding allocated to each governing board, local district college, and area technical college pursuant to section 23-18-304. (c) The department and commission shall comply with the requirements of this part 3 in submitting their budget request pursuant to the budget procedures specified in part 3 of article 37 of title 24. (2) (a) Commencing in 2026 and every five years thereafter, the commission shall review the funding formula established pursuant to this part 3 and by November 1, 2026, and by November 1 every five years thereafter, submit a report to the governor, the joint budget committee of the general assembly, and the education committees of the senate and the house of representatives, or any successor committees, containing proposed changes to the funding formula and any recommendations for legislative changes. (b) In conducting the review required by subsection (2)(a) of this section, the commission and the department may: (I) Convene one or more meetings with interested parties to discuss the existing funding model and to learn of issues raised by the interested parties; (II) Conduct an analysis of the issues identified by interested parties and possible solutions; (III) Engage directly with the institutions to strive for consensus among the institutions on any proposed changes; and (IV) If applicable, develop a set of changes to recommend to the governor and committees of the general assembly as described in subsection (2)(a) of this section. (c) Notwithstanding the provisions of section 24-1-136 (11)(a)(I), the reporting requirement required in this subsection (2) continues indefinitely. (3) The commission shall adopt any policies or procedures necessary for the uniform application and implementation of this part 3. (4) The commission, in conjunction with the department and in collaboration with the governing boards, shall identify and make recommendations concerning ways to better measure the success of students who are pursuing a credential or degree and who are not included in the first-time, full-time student cohort. On or before July 1, 2022, the commission shall submit its recommendations to the joint budget committee, which may include a recommendation for a statutory change to the calculation of one of the graduation rate performance funding metrics specified in section 23-18-303.5 (4)(b).
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