The duties of the Joint Interim Oversight Committee on Education Reform shall include, but are not limited to, the following:
(1) Reviewing policy issues regarding the creation and implementation of acceptability systems for the state system of education, including the review of any regulatory changes proposed by the appropriate agencies of the executive branch or any boards or commissions prior to their implementation;
(2) Reviewing policy issues affecting educational reform on or before November 15 of the year preceding a regular session and making recommendations concerning any necessary legislative changes proposed by school districts, cooperatives, institutions of higher education, the Division of Elementary and Secondary Education, the State Board of Education, the Division of Career and Technical Education, the Career Education and Workforce Development Board, the Division of Higher Education, the Arkansas Higher Education Coordinating Board, the Governor's office, and private institutions;
(3) Providing recommendations regarding use of state and federal funds;
(4) Reviewing and assuring coordination between the school districts, cooperatives, institutions of higher education, the Division of Elementary and Secondary Education, the State Board of Education, the Division of Career and Technical Education, the Career Education and Workforce Development Board, the Division of Higher Education, the Arkansas Higher Education Coordinating Board, the Governor's office, and private institutions; and
(5) Evaluating innovative education projects and promoting the adoption of successful projects.