A.(1) The executive director of the division, with the concurrence of the commissioner of administration, shall establish overall annual goals for participation by certified minority business enterprises and for participation by certified women's business enterprises in the procurement of all goods and services for participation by certified minority business enterprises and for public works by all state agencies and educational institutions.* The annual period shall be the state's fiscal year.
(2) The overall annual goals shall be expressed as percentages of funds expected to be expended by each state agency or educational institution for procurement of goods and services and for public works.
(3) The overall annual goals shall be adopted each year by June fifteenth and shall be distributed to the head of each state agency and educational institution on or before June thirtieth of each year.
B.(1) The executive director shall review the overall annual goals for each state agency and educational institution each year and, with the concurrence of the commissioner of administration, shall establish the goals for the upcoming year, which shall not exceed ten percent for minority business enterprises for procurement, ten percent for minority business enterprises for public works, two percent for women's business enterprises for procurement, and two percent for women's business enterprises for public works.
(2) Factors to be considered in establishing the new goals shall include the number of certified enterprises, the success in attaining goals over the last year, the population of minorities and women in the state, and such other relevant information as may be available.