(a) The General Assembly recognizes that it is the responsibility of the State of Arkansas to:
(1) Develop what constitutes an adequate education in Arkansas pursuant to the mandate of the Supreme Court and to conduct an adequacy study, which has been completed; and
(2) Know how revenues of the State of Arkansas are being spent and whether true equality in educational opportunity is being achieved.
(b) The General Assembly also recognizes that no one (1) study can fully define what is an adequate, efficient, and equitable education.
(c) The General Assembly further recognizes that while the adequacy study performed in 2003 is an integral component toward satisfying the requirements imposed by the Supreme Court, the General Assembly has a continuing duty to assess what constitutes an adequate education in the State of Arkansas.
(d) Therefore, because the State of Arkansas has an absolute duty to provide the school children of the State of Arkansas with an adequate education, the General Assembly finds that ensuring that an adequate and equitable system of public education is available in the State of Arkansas shall be the ongoing priority for the State of Arkansas.