The department shall:
(1) Create and keep current a comprehensive and long-term strategy for economic development. The strategy shall address and be consistent with the general purposes and duties of the department. The strategy shall consider: (a) The entire state; (b) economic regions within the state; and (c) the operating divisions and program listed in section 81-1201.07; and
(2) Develop an independent program of performance review of the activities of the department, departmental divisions, and the Community Development Block Grant Program. The review shall include, but not be limited to: (a) An assessment of the impact of the department's programs corresponding to the strategic plans of the department, departmental divisions, and the Community Development Block Grant Program; (b) a comparative assessment of the relative impact of the department's programs with similar programs in other states; and (c) a comparative assessment of the department's programs' impact on different parts of the state. The review shall be completed or updated at least once every three years.
The Performance Review Revolving Fund is created. The money in the fund shall be used to employ an independent firm experienced in doing performance reviews as prescribed in this section to do performance reviews. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.