(a) The Department of Transportation shall study the consolidation of the authority with other local transportation organizations within geographical proximity as a means of reducing annual expenses or increasing annual revenues. The study shall examine the creation of service regions to determine whether consolidation would reduce annual expenses or increase annual revenues.

(b) The department shall study the potential privatization of authority services as a means of reducing annual expenses or increasing annual revenues.

(c) The department shall submit a report on its findings and recommendations to the Governor, the General Assembly and the authority within two hundred seventy days of the effective date of this section.