The proposed bill mandates that starting in fiscal year 2026, and every three years thereafter, specific departments and boards in South Dakota must submit a cost model report to the Legislature. This report will be separate from the budget report and will cover various programs and institutions under their control. The departments required to submit these reports include the Board of Regents, the South Dakota Board of Technical Education, the Department of Education, the Department of Corrections, the Department of Human Services, the Department of Social Services, and the Department of Veterans Affairs. Each department will detail the institutions or programs they oversee, such as universities, technical colleges, and correctional facilities.

Additionally, the bill defines a "cost model report" as a comprehensive funding model that outlines the variable and fixed costs associated with delivering services over the past five fiscal years. It will include information on staffing levels, the number of individuals served, revenue sources, and any other relevant data deemed necessary by the joint committee on appropriations or the special committee. The bill also allows for the standardization of these reports by the joint committee on appropriations and the special committee established in current law.