A local educational facilities master plan is a written plan that includes: Educational goals, standards, and guidelines; Community analysis, concluding that the plan conforms to the adopted county and municipal comprehensive plan and growth management strategies; An inventory and evaluation of existing school buildings; Current and projected enrollment data; Analysis of future school facility needs; Policies for co-location, shared use, and shared cost of existing and planned school facilities; Policies to address school capacity needs in planned growth areas or to address adequate public facilities ordinance requirements; and Policies addressing current and planned transportation for students, administrators, and teachers per school. Annually by the date the IAC specifies, each LEA shall submit to the IAC an educational facilities master plan that its local board has approved. The IAC or its designee shall: Review each local educational facilities master plan; and Notify the LEA in writing of objections or exceptions to the plan. The local educational facilities master plan together with any LEA amendments and IAC or its designee comments is the plan of record. The IAC may disapprove any school construction project that is not consistent with the plan of record.