A. 1. The Council shall develop and revise as appropriate, in consultation with the respective Chairmen of the House Committees on Education and Appropriations and the Senate Committees on Finance and Education and Health or their designees, representatives of public institutions of higher education, and such other state officials as may be designated by the Governor, objective measures of educational-related performance and institutional performance benchmarks for such objective measures for each public institution of higher education. At a minimum, the Council shall develop objective measures and institutional performance benchmarks for the goals and objectives set forth in subsection A of § 23.1-1002.

2. The Governor shall develop and revise as appropriate objective measures of financial and administrative management performance and related institutional performance benchmarks for the goals and objectives set forth in subdivision A 11 of § 23.1-1002.

B. The Governor shall include objective measures of financial and administrative management and educational-related performance and related institutional performance benchmarks as described in subsection A in "The Budget Bill" submitted as required by subsection A of § 2.2-1509 or in his proposed gubernatorial amendments to the general appropriation act pursuant to subsection E of § 2.2-1509.

C. The Council shall annually assess the degree to which each public institution of higher education has met the financial and administrative management and educational-related performance benchmarks set forth in the current general appropriation act. Such annual assessment shall be based upon the objective measures and institutional performance benchmarks included in the current general appropriation act. The Council shall request assistance from the Secretaries of Finance and Administration who shall provide such assistance for the purpose of assessing whether public institutions of higher education have met the financial and administrative management performance benchmarks.

No later than June 1 of every fiscal year, the Council shall provide a certified written report of the results of such annual assessment to the Governor and the respective Chairmen of the House Committees on Education and Appropriations and the Senate Committees on Finance and Education and Health.

Each public institution of higher education that is certified by the Council as having met the financial and administrative management and educational-related performance benchmarks in effect for the fiscal year as set forth in the general appropriation act is entitled to the financial benefits set forth in subsection C of § 23.1-1002. Such benefits shall first be provided as determined under such subsection.

1977, c. 676, § 23-261; 1991, c. 590; 2005, cc. 933, 945, § 23-9.6:1.01; 2011, cc. 828, 869; 2013, c. 482; 2016, c. 588.