Beginning on January 1, 2026, the state board shall establish a review committee for the TISA. The committee must be comprised of the executive director of the state board, the commissioner of education, the commissioner of finance and administration, the comptroller of the treasury, the director of the Tennessee advisory commission on intergovernmental relations, the chair of the education committee of the senate, the chair of the education administration committee of the house of representatives, and the director of the office of legislative budget analysis, or the director’s designee. The state board shall appoint at least one (1) member from each of the following groups to serve on the TISA review committee: teachers, school boards, directors of schools, county governments, municipal governments that operate LEAs, finance directors of urban school systems, finance directors of suburban school systems, and finance directors of rural school systems. The TISA review committee shall meet at least four (4) times per year and shall regularly review the TISA base funding, weighted allocations, direct allocations, and outcome incentive dollars, as well as identify any needed revisions, additions, or deletions to the TISA. The TISA review committee shall prepare an annual report on the TISA and shall provide the report, on or before November 1 of each year, to the governor, the state board of education, the finance, ways and means committees of the senate and the house of representatives, the education committee of the senate, and the education administration committee of the house of representatives. The report must include recommendations on needed revisions, additions, and deletions to the TISA, as well as an analysis of instructional salary disparity among LEAs, including an analysis of disparity in benefits and other compensation among LEAs.