The chancellor of higher education shall maintain an efficiency advisory committee for the purpose of generating institutional efficiency reports for campuses, identifying shared services opportunities, streamlining administrative operations, and sharing best practices in efficiencies among public institutions of higher education. The committee shall meet at the call of the chancellor or the chancellor’s designee. Each state institution of higher education shall designate an employee to serve as its efficiency officer responsible for the evaluation and improvement of operational efficiencies on campus. Each efficiency officer shall serve on the efficiency advisory committee.

By the thirty-first day of December of each year, the chancellor of higher education shall provide a report to the office of budget and management, the governor, the president of the senate, and the speaker of the house of representatives compiling efficiency reports from all public institutions of higher education. The report shall also be made available to the public on the department of higher education’s web site.