This bill establishes new requirements for state agencies in South Dakota when applying for or renewing federal grant agreements. It mandates that at least sixty days prior to submitting a grant application, agencies must provide detailed information to the Governor, the Bureau of Finance and Management, and the Joint Committee on Appropriations. This information includes the state law authorizing the grant, a comprehensive analysis of costs and benefits associated with the grant, the potential continuation of policies after the grant period, impacts on state and local policy, compliance mandates, and any necessary changes to existing laws.

Additionally, the Bureau of Finance and Management is required to assess the grant application and report back to the Governor within thirty days of receiving the submission. The bill stipulates that no state agency may submit a grant application without the Governor's written consent, and if consent is denied, the agency may revise and resubmit the application. Furthermore, all grant applications and related reports will be made public, with the Bureau maintaining a public database for transparency.