Section 21-18-16-2 - Duty to create formula; align with long range plan for postsecondary education(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.(b) The commission shall create a separate higher educational operating funding outcomes based formula for Ivy Tech Community College that:(1) aligns with the goals outlined in the commission's long range plan for postsecondary education under IC 21-18-8; and(2) focuses on employer needs, positive wage outcomes, and stackable credentials.(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.(d) The commission shall approve the metrics used for an outcomes based funding formula created under this chapter.Amended by P.L. 201-2023,SEC. 226, eff. 5/4/2023.Added by P.L. 66-2022,SEC. 4, eff. 7/1/2022.