"NEW SECTION.  Sec. 29   (1) The legislature finds that the methods of providing funds to four-year public institutions of higher education are based upon factors such as prior years' budget provisos and inaccurate assumptions about the number of full-time equivalent enrollments. The bases for these funding assumptions have grown disconnected to legislative expectations and lack transparency and accountability.
     (2) A joint select legislative task force on the baccalaureate funding formula is established. The task force shall consist of the following members:
     (a) Two members from each caucus of the senate appointed by the president of the senate, two of the members must be members of the ways and means committee and two must be members of the higher education and workforce development committee; and
     (b) Two members from each caucus of the house of representatives appointed by the speaker of the house of representatives, two of the members must be members of the ways and means committee and two must be members of the higher education committee.
     (3) The task force shall:
     (a) Review statutes and budget provisos which govern public institutions offering baccalaureate degrees;
     (b) Specify the range of public interests and outcomes which are served by public expenditures for higher education services;
     (c) Review the basis for the state funding of public institutions offering baccalaureate degrees; and
     (d) Prepare and approve a recommended state operating budget method which offers greater efficacy, transparency, and accountability for baccalaureate institutions which receive public funds.
     (4) The task force shall use legislative facilities, and staff support shall be provided by senate committee services and the house office of program research. The meetings of the task force shall be planned for times which coincide with regular meetings of legislative committees to the maximum extent possible.
     (5) Members of the task force shall not be reimbursed for travel expenses.
     (6) The task force shall report its findings and recommendations to the governor and appropriate committees of the legislature by January 16, 2012.
     (7) This section expires June 30, 2012."