The proposed bill mandates that all state agencies in Nebraska submit a federal funding inventory to the Director of Administrative Services every even-numbered year by September 15. This inventory must include comprehensive details about federal receipts, including their aggregate value, the amount appropriated by the Legislature, the percentage of the agency's total budget constituted by federal funds, and any agreements that impose state match requirements. Additionally, agencies must provide an operating plan for potential reductions in federal receipts, a description of actions promised to receive these funds, the state statutory objectives being met, and a list of federal receipts with foreseeable end dates.

Furthermore, the bill stipulates that no state employee or agency can enter into agreements that obligate the state to maintenance-of-effort requirements without prior consent from the Legislature. This includes any agreements that may require state funds or regulatory actions. The bill aims to enhance transparency and accountability regarding federal funding received by state agencies, ensuring that the Legislature is informed and involved in significant financial commitments.