(a) The Tennessee higher education commission shall submit an annual report on the condition of Tennessee higher education to the governor and the general assembly.

(b) This report, which shall be known as the Tennessee Postsecondary Education Fact Book, shall use data from the board of regents system, the University of Tennessee system and their governing bodies and, to the extent possible, from the Tennessee Independent Colleges and Universities Association. The fact book shall also use available regional and national information to put Tennessee's data in context.

(c) The fact book shall address the topics of access, efficiency, productivity, and quality as indicated by the following performance categories and illustrative indicators:

(1) Student preparation, such as admission rates, freshman class profiles, and learning support placement and success rates, by subject area;

(2) Student participation, such as college-going rates, overall enrollment, and enrollment by critical student subpopulations;

(3) Student progression, such as end-of-term enrollment counts, freshman-to-sophomore retention rates, the number of students passing credit hour benchmarks under the higher education funding formula and lottery scholarship renewal rates;

(4) Student success and completion, such as student transfer activity and subsequent academic performance, graduation rates, time to degree, credentials awarded, and credentials awarded per one hundred (100) full-time equivalent enrolled students;

(5) Workforce participation, such as labor market supply and demand, employer satisfaction survey results, job placement rates, and licensure passage rates;

(6) Academic trends, such as student engagement survey results, changes to the academic program inventory, low-producing academic programs, the number and percentage of accredited programs, and the percentage of lower division instructional courses taught by full-time faculty, part-time faculty and graduate assistants;

(7) Financing trends, such as state appropriation levels and net tuition revenues, state and total subsidies per student, and degree costs; and

(8) Affordability trends, such as in-state and out-of-state tuition rates, net costs of attendance, and need-based and merit-based student financial aid.

(d) The fact book shall be published prior to March 15 each year, or as soon as practicable upon receipt of necessary student data from the systems and other sources. The fact book shall be made available in web-based and printable formats.