(A) The chief executive officer of the Commission on Higher Education shall develop a prospectus for planning each year.
(B) In the initial year, the Advisory Council on Planning is responsible for developing a statewide planning document for submission to the commission.
(C) After the initial year and annually thereafter, the advisory council shall prepare revisions of the planning document for consideration by the commission. The revisions must conform to, but need not be limited to, the prospectus provided by the commission.