Sec. 2. (a) The commission shall create a higher educational operating funding outcomes based formula that aligns with the goals outlined in the commission's long range plan for postsecondary education under IC 21-18-8 . (b) The commission shall create a separate higher educational operating funding outcomes based formula for Ivy Tech Community College that: (1) aligns with the goals outlined in the commission's long range plan for postsecondary education under IC 21-18-8 ; and (2) focuses on employer needs, positive wage outcomes, and stackable credentials. (c) An outcomes based funding formula must be created and approved by the commission at a meeting of the commission on or before October 1 of each even-numbered year prior to each odd-numbered year in which the general assembly will reconvene in a first regular session and consider a state budget bill. (d) The commission shall approve the metrics used for an outcomes based funding formula created under this chapter.
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