B: When any state agency, as defined in § 1-26-1, applies for or renews a federal grant agreement, either as the recipient or the sub-recipient of the grant, the agency shall, at least sixty days before submitting the grant application, provide to the Governor, the Bureau of Finance and Management, and the Joint Committee on Appropriations or the special committee created by chapter 4-8A, the following information: (1) The state law authorizing the proposed grant; (2) All costs and benefits associated with the proposed grant reported as either quantified and monetized; quantified, but not monetized; or not quantified, and including an evaluation of whether the benefits of the grant will exceed the costs of the grant as follows: (a) Any direct or indirect cost associated with the implementation of the grant to the state, the grant recipient, and to a political subdivision, with projections covering at least ten years after the expiration of the grant period; (b) Any direct or indirect benefit associated with the implementation of the grant to the state, the grant recipient, and to a political subdivision, with the projections covering at least ten years after the expiration of the grant period; and (c) Any sources of revenue affected by the proposed grant and the estimated increase or decrease in revenues or expenditures of this state or a political subdivision, which would result from the implementation of the proposed 25 grant, including the costs necessary to enforce any rules associated with the grant; (3) A written determination as to whether the policies, practices, or programs implemented under the grant will continue after the grant period expires and, if so, whether the policies, practices, or programs implemented under the grant are anticipated to continue after the grant period expires, the state agency shall identify the revenue source for any of the costs identified under subdivision (2); (4) The impact on state and local policy, including any resulting transfer of accountability or governing control from officials of the state or any political subdivision to any entity inside or outside the state; (5) The purpose and effect of the grant program and the program's interrelationship with any other program or policy currently operating within the state; (6) Any compliance mandates, both existing and new, and any policy directives necessary to satisfy the terms of the grant; and (7) Any laws that must be created, amended, or repealed, in order to comply with the terms of the grant.