(1) A qualifying agency shall prepare a federal funds contingency plan that meets the requirements described in Subsection (2).
(2) A federal funds contingency plan shall:
(a) identify short-term and long-term risks to the agency if there is a reduction in the amount or value of federal funds the agency receives;
(b) identify short-term and long-term strategies the agency may use to respond to the risks described in Subsection (2)(a); and
(c) designate agency personnel who are responsible for implementing the strategies described in Subsection (2)(b).
(3) A qualifying agency shall update the agency's federal funds contingency plan:
(a) at least every other year; and
(b) in any year in which the qualifying agency submits a new federal funds request that exceeds $10,000,000.
(4) On or before December 31 of each year that a qualifying agency prepares a federal funds contingency plan or an update to a federal funds contingency plan, the qualifying agency shall provide a copy of the contingency plan or update to:
(a) the Governor's Office of Planning and Budget;
(b) the Executive Appropriations Committee; and
(c) the Legislative Fiscal Analyst.