1. The Office of Finance shall, on an annual basis, contract for the services of an independent contractor, in accordance with the provisions of NRS 333.700, to review sentences imposed in this State and the practices of the State Board of Parole Commissioners and project annually the number of persons who will be:
(a) In a facility or institution of the Department of Corrections;
(b) On probation;
(c) On parole; and
(d) Serving a term of residential confinement,
Ê during the 10 years immediately following the date of the projection.
2. On or before December 1 of each year, the Office of Finance shall prepare an annual report of the review and projections made by the independent contractor pursuant to subsection 1 and provide the report to:
(a) The Joint Interim Standing Committee on the Judiciary; and
(b) The Department of Sentencing Policy.