(a) The division shall:
(1) review the funding formulas specified under § 509.011 and study the feasibility of adopting performance-based funding formulas, including whether the formulas should take into consideration an offender’s risk level or other appropriate factors in allocating funding; and
(2) make recommendations for modifying the current funding formulas.
(b) In conducting the study and making recommendations under Subsection (a), the division shall:
(1) seek input from departments, the judicial advisory council established under § 493.003(b), and other relevant interest groups; and
(2) in consultation with the Legislative Budget Board, determine the impact of any recommendations on the allocation of the division’s funds as projected by the Legislative Budget Board.

(c) The division shall include in the reports prepared under Sections 509.004(c) and 509.016(c):
(1) the findings of the study;
(2) any recommendations regarding modifying the funding formulas; and
(3) the projected impact of the recommendations on the allocation of the division’s funds.