(i) refer to the statutory authority under which the action is proposed;

(ii) describe the substance of the application;

(iii) indicate where a complete copy of the application and any amendments or supplements thereto may be obtained and the name and location of the organization or organizations to which the agency intends to apply for such grant or contract; and

(iv) contain a fiscal statement setting forth: (1) the estimated amount of revenues to be received from the organization to which the agency is proposing to apply during each state fiscal year for the program for which such moneys are sought, (2) the estimated amount of moneys to be supplied by the state, including any state matching commitment, and a statement as to the method through which such moneys, or such commitment shall be provided, (3) the estimated amount of revenues to be provided by any other agency, unit of local government, and any other source from which revenues will be required, (4) the number of years during which financial support for such program is expected to be available from the organization to which the agency is proposing to apply, and (5) the expected future obligation of the state, if any, to continue the funding of the program including the expenditure level which the state will or may be required or expected to maintain for the program upon termination of such grant or contract moneys. b. The director of the budget shall review all requests for authorization to make application for participation in a continuing grant or contract supported program, and at least twenty days prior to approving, disapproving, or conditionally approving any such request shall notify the chairman of the senate finance committee and the chairman of the assembly ways and means committee of his intended action on such request. c. Within fifteen days of receipt of a notification from the director of the budget pursuant to paragraph b of this subdivision, such chairmen may make recommendations thereon as to the approval, modification or disapproval of any proposed application. The director of the budget shall consider such chairman's recommendations in his decision to approve, modify or disapprove any proposed application, and shall notify such chairman of action taken and the reasons in support of such action where it contravenes that recommended by either chairman. d. Whenever a deadline for making an application is less than forty days, or whenever it is necessary for the preservation of the health, safety, or general welfare of the state that action on a request for authorization to make application for participation in a continuing grant or contract supported program be taken by the director of the budget in less than forty days, the chief executive officer of the agency making such request shall include a statement of such necessity in the notification to the director of the budget, the chairman of the senate finance committee and the chairman of the assembly ways and means committee provided for in paragraph a of this subdivision. In such circumstances the director of the budget may waive, to such extent as necessary, the time period of the notification requirements provided in paragraph a of this subdivision for such application, and if necessary, may issue a provisional authorization for such agency to make such application pending formal review pursuant to paragraphs b and c of this subdivision provided, however, that such formal review shall then be scheduled to occur within thirty days of such provisional authorization. In the event such request is not approved pursuant to such paragraphs within such time, the provisional authorization to make such application shall terminate and any such application may thereafter be again made only after formal review and approval. 2. All applications for participation in any grant or contract supported program including such programs offered by a state agency or state affiliated corporation, shall include a request for full overhead reimbursement to the maximum extent allowable under such program unless the notification provided for in paragraph a of subdivision one of this section includes an explanation of the agency's reasons for requesting less than the maximum overhead reimbursement available. 3. The provisions of this section shall not apply to applications for sponsored research grants or contracts which do not incorporate the provision of services to the public or to any organization, or the employees or clients thereof. 4. The provisions of paragraphs b, c and d of subdivision one of this section shall not apply to applications for grants or contracts to support specific projects which are intended to be undertaken during a fixed period of time and to be completed within eighteen months of the date on which work on such a project begins and which do not involve participation in a continuing program of activity. 5. The provisions of this section shall not apply to applications for reallocations of federal funds, to minor amendments to applications already approved, or to applications for programs, participation in which is authorized by an appropriation or other enactment of the legislature. 6. For the purposes of this section agency shall mean any department, agency, board, bureau, commission, division, council or office of the state.