The Legislative Research Commission shall be responsible for compiling, analyzing, and collecting fiscal and other information from local governments necessary for the preparation of fiscal notes. An information system shall be developed and designed to provide sufficient continuing information on the financial condition of local government which can be readily utilized for the preparation of fiscal notes. In the development of this information system, the Legislative Research Commission shall:
(1) Compile, analyze, and maintain in a unified, concise, and orderly form, information on the nature and impact of existing state mandates and state programs which involve the distribution of funds to local government; and (2) Continuously compile, analyze, and maintain fiscal and other relevant information which is required by statute or regulation to be prepared by local governments.