(1) Before legally binding the state to a federal education agreement or national program that may cost the state a total of $500,000 or more to implement, a school official shall estimate the state and local cost of implementing the federal education agreement or national program and submit that cost estimate to the governor and the Executive Appropriations Committee of the Legislature.
(2) The Executive Appropriations Committee may:
(a) direct its staff to make an independent cost estimate of the cost of implementing the federal education agreement or national program; and
(b) affirmatively adopt a cost estimate as the benchmark for determining which authorizations established by this part are necessary.