(1) As used in this section, "interested parties" includes but is not limited to the governing boards of institutions, institution administrators, higher education advocates, students, faculty, nonprofit education organizations, and members of the business community.

(2) (a) Pursuant to section 23-18-303, no later than January 1, 2015, the commission shall determine, in consultation with interested parties, the role and mission factors and performance funding metrics for fee-for-service contracts entered into pursuant to section 23-18-303. The commission shall establish the components of each factor relating to role and mission funding, including the weight associated with each factor, and the components of each performance metric relating to performance funding, including the components of each metric and the weight associated with each metric.

(b) The commission shall determine, and the department shall apply and implement, each role and mission factor and performance funding metric pursuant to the following guidelines:

(I) Each role and mission factor and performance funding metric must be tied to the policy goals established by the general assembly and by the commission in its master plan;

(II) Each role and mission factor and performance funding metric must be transparent and measurable;

(III) Each role and mission factor may be applied differently to institutions, but to the extent possible, similar institutions must be treated similarly; and

(IV) Each performance funding metric must be applied uniformly to all governing boards. For example, the performance funding metric for retention must be measured and applied to a community college in the same manner that it is measured and applied to a four-year institution.

(3) (a) From May 2014 through December 2014, the commission shall convene a series of meetings with interested parties to develop the role and mission factors and performance funding metrics for fee-for-service contracts pursuant to subsection (2) of this section.

(b) The commission shall retain a facilitator to attend meetings and facilitate the work of the commission. The department shall provide any additional necessary staff support to the commission.

(c) The commission may organize its work in the manner it chooses, including convening committees of interested persons to focus on specific role and mission factors or performance funding metrics.

(d) After determining the initial role and mission factors and performance funding metrics and the weights assigned to each factor or metric, the commission may continue to meet with interested parties to review the implementation of the fee-for-service model and to make recommendations to the joint budget committee and to the education committees of the house of representatives and the senate concerning changes to the fee-for-service model or other provisions of this part 3.

(4) Because the implementation of this part 3 may have unanticipated results, on July 1, 2016, and each July 1 thereafter through July 1, 2020, the commission shall submit a written report to the joint budget committee and to the education committees of the house of representatives and the senate concerning the status of the implementation of this part 3 and may recommend changes to the provisions of this part 3.

(5) The general assembly finds and declares that it is vital that Colorado's higher education system is accessible and affordable for all Coloradans. The institutions' tuition policies are an important component of ensuring both the affordability and sustainability of Colorado's higher education system. With the expiration of tuition policies implemented pursuant to recent legislation, it is imperative that the commission and the governing boards of state institutions of higher education, as well as other interested parties, work cooperatively to structure an ongoing tuition policy for the state. Therefore, by November 1, 2015, the commission shall submit to the joint budget committee and to the education committees of the house of representatives and the senate tuition policies that ensure both accessible and affordable higher education for Colorado's residents. The tuition policies must also reflect the level of state funding for institutions and the need of each institution to enhance the quality of educational programs and offerings and strengthen the financial position of the institution. The commission shall develop the tuition policy recommendations in consultation with the governing boards of the institutions and other interested parties using an inclusive and transparent process.

(6) The commission shall adopt any policies or procedures necessary for the uniform application and implementation of this part 3.

(7) The department shall comply with the requirements of this part 3 in submitting its budget request pursuant to the budget procedures specified in part 3 of article 37 of title 24, C.R.S.