|(a) Formula Advisory Committee. (1) Not later than September 1 of each odd-numbered year, the Commissioner shall appoint an advisory committee to review the funding formulas used by the Governor and the Legislature for making appropriations to general academic institutions. (2) The formula advisory committee appointed by the Commissioner shall consist of senior administrators at Texas general academic institutions, members of the faculty, and members of the general public. (3) The committee shall elect its own chair and vice chair. (4) Meetings of the committee shall be open to the public. The committee shall publish minutes of all meetings, and the minutes shall be public documents. (5) The committee shall identify funding incentives that would encourage implementation by general academic institutions of the state's plan for higher education as specified in the Texas Education Code, §61.051(a-3). (6) The committee shall provide an opportunity for institutions, the general public and other interested persons to provide testimony. (7) The formula advisory committee may appoint two study committees, one for the instructional and operations formula and another for the infrastructure formula. The study committees may include members from the formula advisory committees and other institutional representatives as appropriate. The infrastructure study committee will include at least one representative from the Texas State Technical College System or the two-year colleges in the Texas State University System. (8) The formula study committees shall make their recommendations to the formula advisory committee no later than the January 15 of the year following its appointment. (9) The formula advisory committee shall make its recommendations to the Commissioner no later than the February 1 of the year following its appointment. (b) General Academic Institution Formula Recommendation. (1) At the quarterly meeting of the Coordinating Board in April of even-number years, the Commissioner shall recommend a funding formula for the next biennium for general academic institutions. The Commissioner shall also report the recommendations of the formula advisory committee. (2) In making recommendations, the Commissioner shall consider the financial needs of affected institutions, funding levels at peer institutions in other states, and other factors as appropriate. (3) The Commissioner shall recommend an all funds appropriation. (4) After adoption, the Commissioner shall transmit the Board's recommendations to the Governor, the Legislature, and the Legislative Budget Board no later than June 1 of each even-numbered year.