(1) (a) The general assembly finds and declares that:

(I) Colorado's economic growth depends upon a strong workforce with the education and training necessary to succeed in twenty-first-century careers;

(II) Colorado's state system of higher education is the primary source of education and training for Coloradans pursuing these careers;

(III) Further, Colorado's system of higher education must meet the postsecondary education needs of all of its residents, including providing reasonable access to higher education statewide, in order for Colorado to succeed in meeting its goals for an educated workforce;

(IV) With future state funding levels for higher education uncertain due to competing demands on the state's budget, the state has an obligation to taxpayers and to consumers of higher education in Colorado to make the best possible use of state resources; and

(V) Ensuring that state policymakers and consumers of higher education have access to information concerning undergraduate degree and certificate programs, including student costs and average debt, as well as employment and earnings outcomes, is criticalto evaluating higher education program choices as well as Colorado's economic and workforce goals.

(b) Therefore, the general assembly declares that it is appropriate for the department of higher education to prepare an annual return on investment report that includes an analysis of student costs and employment outcomes of undergraduate degree or certificate programs offered at Colorado public institutions of higher education.

(2) As used in this section, unless the context otherwise requires, "institution of higher education" or "institution" means the state institutions, as defined in section 23-18-102 (10)(a), the local district colleges, and the area technical colleges.

(3) (a) On or before July 31, 2019, and on or before July 31 each year thereafter, the department of higher education shall prepare a return on investment report of undergraduate degree and certificate programs offered by institutions of higher education. The department, in consultation with the governing boards of the institutions, shall determine the designation of degree and certificate programs for purposes of the return on investment report.

(b) The return on investment report must include information concerning the undergraduate degree and certificate programs offered at each institution including, at a minimum:

(I) The number of students enrolled in the undergraduate degree or certificate program and the number of degrees and certificates awarded annually for the program;

(II) The average time to completion for students completing the undergraduate degree or certificate program and the average number of credits earned by students completing the degree or certificate program;

(III) The average cost for completion of the undergraduate degree or certificate program, including mandatory program and institutional fees, for a student with in-state tuition classification;

(IV) The average student loan debt for students in the undergraduate degree or certificate program;

(V) The employment rate of undergraduate degree or certificate program graduates. For purposes of the report, information relating to the employment rate includes the number of individual graduates, the number of individual graduates matched through available data sources, and the number of individual graduates that are not included in the employment rate, with an explanation of why the graduates are excluded from the employment rate.

(VI) The average annual earnings of undergraduate degree or certificate program graduates one, five, and ten years after graduation or completion; and

(VII) Any other information necessary to complete the return on investment report.

(4) Notwithstanding section 24-1-136 (11)(a)(I), the department shall annually submit the return on investment report to the education committees of the house of representatives and of the senate, or any successor committees, and shall post the report on the department's website for public access.

(5) This section is repealed, effective July 1, 2027.