Sec. 3. (a) An outcomes based funding formula approved by the commission under this chapter is subject to review by the budget committee.

     (b) The commission shall create a report with regard to each outcomes based funding formula. The report must contain a detailed summary of the formula, the methodologies, and the metrics used to create the formula. The commission shall submit the report prepared under this subsection to the budget committee not later than five (5) days before the meeting described in subsection (c).

     (c) In even-numbered years, the executive officer of the commission, or the executive officer’s designee, shall present the outcomes based funding formula approved by the commission under this chapter and the report submitted under subsection (b) to the budget committee at a meeting that occurs prior to when budget hearings are held under IC 4-12-1-8 and the meeting at which the commission makes its presentation under IC 21-18-9-1(3).

As added by P.L.66-2022, SEC.4.