(a) By January 1, 2024, the Chicago Metropolitan Agency for Planning and its MPO Policy Committee, in coordination with the Authority, shall develop and submit a report of legislative recommendations to the Governor and General Assembly regarding changes to the recovery ratio, sales tax formula and distributions, governance structures, regional fare systems, and any other changes to State statute, Authority, or Service Board enabling legislation, policy, rules, or funding that will ensure the long-term financial viability of a comprehensive and coordinated regional public transportation system that moves people safely, securely, cleanly, and efficiently and supports and fosters efficient land use. In developing the report, the vision, principles, and recommendations of the Authority’s strategic plan required by Section 2.01a shall be considered. The report shall also consider recommendations on how the Authority and Service Boards can better address racial equity, climate change, and economic development. The development of the report shall include meaningful public engagement led by the Chicago Metropolitan Agency for Planning and its MPO Policy Committee and should be developed with the support of a steering committee composed of representatives of business, community, environmental, labor, and civic organizations. The report shall be adopted by the MPO Policy Committee prior to submission to the Governor and General Assembly. The report shall be separate from the Strategic Plan required under Section 2.01a.
     (b) This Section is repealed on January 1, 2025.