(a) Annually in January, the board shall submit a comprehensive report of its activities to the Governor and the General Assembly together with its recommendations for improvements in education in this Commonwealth. The board's report shall include a statement outlining the expected benefits and projected costs of any recommended course of action. The report shall also include information regarding the ongoing review of the Master Plan for Higher Education and the Master Plan for Basic Education and list any projected changes.

(b) As it deems appropriate and necessary, the board may make reports and requests to the General Assembly on such issues as, pending legislation, proposed legislation, educational policy, and any other programs or issues of which the board believes the General Assembly should be aware.