(a) Implementation of a state postsecondary-education funding formula shall be contingent upon the approval of the general assembly. On or before October 1, 2016, the commissioner of postsecondary education shall present to the board of education and the general assembly, the following:
(1) A proposal for the further definition of the budget for “otherwise unrestricted higher education general revenue” in accordance with §§ 16-106-3(a) and 16-106-4(a); and
(2) With input from an advisory workgroup composed of representatives of the administration and faculty of Community College of Rhode Island, Rhode Island College, and University of Rhode Island, the commissioner shall develop a proposal for a funding formula for calculating budgetary needs of the public postsecondary institutions.