(a) As a condition for receiving state funds, all public two-year and four-year institutions of higher education shall report the following information by October 1 of each year to the Department of Higher Education in a format developed by the department in consultation with the institutions:
(1) The total direct and indirect costs of remediation for the previous academic year; and
(2) All sources of revenue, by amount and source, used to fund direct and indirect costs of all remedial courses and programs.
(b) The department shall develop a system to calculate the total amount of state funds spent on remediation of first-time entering freshmen students.
(c) The amount spent on remediation at public four-year educational institutions shall not exceed the amount spent as of the 1996-1997 school year.