"NEW SECTION.  Sec. 6   The joint legislative audit and review committee shall conduct a performance audit and evaluation of the growth management act, chapter 36.70A RCW, by January 1, 2009. The audit must include the following components:
     (1) An evaluation of the effectiveness of growth management act policies and requirements, including:
     (a) An assessment to determine whether or not and to what degree the growth management act has been successful in furthering the planning goals as described in RCW 36.70A.020; and
     (b) The identification of challenges and barriers limiting the success of the growth management act in furthering and achieving the planning goals of RCW 36.70A.020 as well as a recommendation of the best method for the state and local jurisdictions to annually identify and address challenges and barriers to achieving the planning goals;
     (2) A determination of the full financial cost to local governments for activities related to compliance with the growth management act since its enactment and a recommendation of the most appropriate method of fully funding future planning and accountability activities. Costs to be included in the assessment of the total financial cost of the growth management act must include, among others, costs associated with planning, implementation, and litigation;
     (3) A determination of the most effective and accurate method of determining growth management population projections by the office of financial management that will result in the identification of correct yearly targets for housing for all economic segments within each local jurisdiction;
     (4) A determination of the most accurate method for local jurisdictions to establish correct housing targets, including recommended procedures to:
     (a) Identify the existing backlog need for housing by wage and income level;
     (b) Ensure that there is adequate and appropriate available housing given the number and wage levels of employment opportunities in order to accomplish the goal of providing housing opportunities to all individuals near their places of employment; and
     (c) Ensure that available housing at a variety of monthly housing price points matches available employment opportunities while considering employment wages and total household income levels of employees within the jurisdiction;
     (5) An overall evaluation of the efficiency and effectiveness of the growth management hearings boards established in RCW 36.70A.250, including the petition and appeals processes;
     (6) The determination of the best method to link wage or income performance measures of individuals and households in all housing economic segments to the key performance measures of other growth management act goals in action plans for local legislative authorities; and
     (7) A determination of the most effective methods to track performance measures on an annual basis and to hold local jurisdictions accountable for meeting the performance measures."