Sec. 4. In coordination with state agencies, the budget agency shall:
(1) review all federal assistance received by state agencies;
(2) subject each federal assistance opportunity to a cost-benefit analysis that measures the fiscal impact and regulatory impact of the federal assistance to determine whether the federal assistance opportunity should be pursued;
(3) prepare and administer an indirect cost allocation plan for managing federal assistance;
(4) establish policies regarding federal assistance management by state agencies; and
(5) maintain an information system on federal assistance programs.