This 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 for various programs and institutions under their control. The departments and boards 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 report must detail the variable and fixed costs of delivering services, staffing levels, the number of individuals served, and other relevant financial data from the past five fiscal years.

Additionally, the bill allows both the joint committee on appropriations and a special committee to standardize the format of these cost model reports. The definition of a "cost model report" is provided, emphasizing the need for comprehensive financial analysis to inform legislative decisions regarding funding and resource allocation for the specified programs and institutions.