(a) Notwithstanding any law to the contrary, prior to March 1 of each year, the fiscal review staff shall provide the finance, ways and means committees of the senate and the house of representatives and the fiscal review committee with information regarding the creation of state programs that have suffered significant reductions of federal financial support during the preceding year, including the terms of the initial agreement for the federal funding, time frames, and other pertinent requirements. As used in this section, “significant reductions” means reductions of ten percent (10%) or more in any given year.

(b) There is established a federal grants monitoring and information management responsibility within the staffs of the fiscal review committee and the office of legislative budget analysis. The monitoring and information management responsibility shall be administered by one (1) staff person in the office of legislative budget analysis and one (1) staff person from the staff of the fiscal review committee. The staff of the fiscal review committee and the office of legislative budget analysis shall jointly monitor, analyze, and manage information concerning federal grants programs, including, but not limited to, social services grant funds, in order to inform members of the general assembly concerning such grants. The directors of the staff of the fiscal review committee and of the office of legislative budget analysis shall jointly make such reports as are appropriate to the speakers of the house of representatives and of the senate and to the fiscal review committee.