(1) DEFINITION. In this section, “institution” includes the extension. (2) GOALS; METRICS. (a) The legislature hereby establishes the following goals for the system: 1. Growing and ensuring student access. 2. Improving and excelling at student progress and completion. 3. Expanding contributions to the workforce. 4. Enhancing operational efficiency and effectiveness. (b) For each goal specified in par. (a), the Board of Regents shall identify at least 4 metrics to measure an institution’s progress toward meeting the goal. As the Board of Regents determines is appropriate, the board may specify different metrics for the extension. (3) OUTCOMES-BASED FUNDING FORMULA. (a) The Board of Regents shall develop a formula for distributing under par. (b) the amount allocated under sub. (4) among the institutions based on each institution’s performance with respect to the metrics under sub. (2) (b). (b) By no later than February 15, 2018, the Board of Regents shall submit the formula developed under par. (a) to the joint committee on finance. The Board of Regents may use the formula to distribute the amount allocated under sub. (4) among the institutions only as modified or approved by the committee. The joint committee on finance shall consult with the appropriate standing committee in each house before modifying or approving the formula. (4) ALLOCATION. In each fiscal year beginning in fiscal year 2018-19, the Board of Regents shall allocate $26,250,000 of the amount appropriated under s. 20.285 (1) (a) to distribute to institutions under the formula under sub. (3) (b). (5) REPORT. (a) Beginning in fiscal year 2018-19, the Board of Regents shall submit an annual report to the joint committee on finance that describes how the Board of Regents distributed in the fiscal year the amount allocated under sub. (4) to the institutions under the formula under sub. (3) (b). The report shall describe all of the following: 1. The amount distributed to each institution under the formula in the fiscal year. 2. The performance of each institution with respect to all the metrics identified by the Board of Regents under sub. (2) (b). 3. The methodology used to make the distributions based on each institution’s performance with respect to the metrics. 4. The performance of the system as a whole with respect to all the metrics identified by the Board of Regents under sub. (2) (b). 5. Any other information used to administer the requirements of this section. (b) The Board of Regents shall make the report required under par. (a) available to the public, and each institution shall post the report on its Internet site. (6) INNOVATION FUND. In fiscal year 2017-18, the Board of Regents shall allocate $5,000,000 of the amount appropriated under s. 20.285 (1) (a) for the board to distribute to institutions to increase enrollments in high-demand degree programs. The Board of Regents shall make the distribution through a competitive process involving a request for proposals from the institutions. (7) OTHER DUTIES. The Board of Regents shall do all of the following: (a) Identify baseline data sets for the goals specified in sub. (2) (a). (c) Approve a peer group for each institution that includes institutions of higher education with comparable missions and service populations.
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