1. (a) The commission shall create a higher educational operating funding outcomes based formula that aligns with the goals outlined in the commission's long range plan for postsecondary education under IC 21-18-8 .

2. (b) The commission shall create a separate higher educational operating funding outcomes based formula for Ivy Tech Community College that:

   1. (1) aligns with the goals outlined in the commission's long range plan for postsecondary education under IC 21-18-8 ; and
   2. (2) focuses on employer needs, positive wage outcomes, and stackable credentials.
3. (c) An outcomes based funding formula must be created and approved by the commission at a meeting of the commission on or before October 1 of each even-numbered year prior to each odd-numbered year in which the general assembly will reconvene in a first regular session and consider a state budget bill.
4. (d) The commission shall approve the metrics used for an outcomes based funding formula created under this chapter.

As added by P.L.66-2022, SEC.4. Amended by P.L.201-2023, SEC.226.