(1) The Joint Legislative Committee on Performance Evaluation and Expenditure Review (PEER) shall prepare a biannual report, beginning in 2018 and every two (2) years thereafter, assessing the sufficiency of funding for Education Scholarship Accounts and recommending any suggested changes in state law or policy necessary to improve the program.

(2) The report shall assess:

(a) The level of participating students’ satisfaction with the program;

(b) The level of parental satisfaction with the program;

(c) Student performance on nationally standardized norm-referenced achievement tests for those participating students whose parents have requested participation in such tests;

(d) Student performance on Advanced Placement examinations or similar courses and any examinations related to college or university admission;

(e) The high school graduation rates and college acceptance rates of participating students;

(f) The percentage of funds used for each qualifying expense identified in Section 37-181-5(2);

(g) The fiscal impact to the state and home school districts of the program, which must consider both the impact on revenue and the impact on expenses. Furthermore, the fiscal savings associated with students departing public schools must be explicitly quantified, even if the public school losing the student(s) does not reduce its spending accordingly.

(3) The report shall:

(a) Apply appropriate analytical and behavioral science methodologies to ensure public confidence in the study; and

(b) Protect the identity of participating students and schools by, among other things, keeping anonymous all disaggregated data.

(4) PEER may accept grants to assist in funding the study.

(5) PEER shall provide the Legislature with a final copy of the evaluation of the program before December 31, 2018. At the same time, the study shall also be placed in a prominent location on the PEER website.

(6) PEER must make its data and methodology available for public review while complying with the requirements of the Family Educational Rights and Privacy Act (20 USCS Section 1232(g)).