By December 1 of each year, the Board of Education shall submit to the Governor and the General Assembly a report on the condition and needs of public education in the Commonwealth and shall identify any school divisions and the specific schools therein that have failed to establish and maintain schools meeting the existing prescribed standards of quality. Such standards of quality shall be subject to revision only by the General Assembly, pursuant to Article VIII, Section 2 of the Constitution of Virginia. Such report shall include:
1. A complete listing of the current standards of quality for the Commonwealth’s public schools, together with a justification for each particular standard, how long each such standard has been in its current form, and whether the Board recommends any change or addition to the standards of quality;
2. Information regarding parent and student choice within each school division and any plans of such school divisions to increase school choice;
3. A complete listing of each report that local school divisions are required to submit to the Board or any other state agency, including name, frequency, and an indication of whether the report contains information that the local school division is also required to submit to the federal government;
4. An explanation of the need to retain or maintain the frequency of any report identified pursuant to subdivision 3; any recommendation for the elimination, reduction in frequency, or consolidation of reports identified pursuant to subdivision 3 when such elimination, reduction in frequency, or consolidation would require an amendment to the laws of the Commonwealth; and a description of any other report identified pursuant to subdivision 3 that the Board has eliminated, reduced in frequency, or consolidated; and
5. A complete listing of each report pertaining to public education that local school divisions are required to submit to the federal government, including name and frequency.