(a) The Secretary of Education shall develop and collect data necessary to assist in policy development for the transition to a foundation-based equity formula in fiscal year 1994-1995. Data shall be collected which will assist in the development of definitions of factors and in determining the relative importance of various factors which impact on a school district's ability to provide educational opportunities for its students. Such factors shall include, but not be limited to:

(b) The initial report on the data system and data collected shall be submitted to the majority chairman and the minority chairman of the Education Committee of the Senate and the majority chairman and the minority chairman of the Education Committee of the House of Representatives by January 1, 1994.