(1) In conjunction with the directors of the senate and house fiscal agencies, the legislature shall develop a biennial labor market supply report for the previous year, the current year, the budget year, and for 4 more years thereafter, the actual plan and estimated persons, by age, race, sex, skill, grade, or degree level, who have left or completed, or who will leave or complete, their enrollment in all state educational, vocational, skill training courses, schools, and institutions, private or public, operating in this state. The report shall be presented in November of 1981, and every odd year thereafter.

  (2) Each state educational, vocational, or training school and institution, including the institutions of higher education which are supported by public funds or which are licensed by the state, shall comply with the reporting requirements and procedures established by the legislature for the purpose of preparing the report required by subsection (1).