Report on the initial recommendations and an implementation plan for the on-going direction and oversight of the Standards of Quality funding cost policies.  The Joint Subcommittee  shall: (i) review the recommendations and policy options offered in the Joint Legislative Audit and Review Commission's July 2023 report, “Virginia's K-12 Funding Formula"; (ii) determine the appropriateness of implementing each recommendation or policy option, (iii) propose appropriate amendments to each recommendation or policy option and (iv) develop a long-range plan for the phased implementation of its recommendations.