(a) The Milk Regulation Board shall conduct a comprehensive study of the dairy industry in the state. The study shall include, but not be limited to, the costs of milk production, the ability of state dairy farmers to meet milk supply demands, regional milk price equity and milk supply and price issues relating to dairy farmers, consumers, processors and retailers.

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(b) Not later than January 1, 2006, the Milk Regulation Board shall complete the study and report the results of such study, in accordance with the provisions of section 11-4a, to the joint standing committee of the General Assembly having cognizance of matters relating to the environment.