An agency shall, when submitting any proposed rule, except an emergency rule, include a fiscal note. The fiscal note must provide what effect, if any, the proposed rule will have on the revenues, expenditures, or fiscal liability of the state or its agencies and subdivisions. The fiscal note must include an explanation of how such effect, if any, was computed. The Bureau of Finance and Management shall prepare its own fiscal note and serve it on the agency, code counsel, and the co-chairs of the Joint Appropriations Committee prior to the hearing. If a proposed rule has a negative fiscal impact on a political subdivision, the agency must direct the bureau to transmit a copy of the bureau's fiscal note to the South Dakota Municipal League, the Associated School Boards of South Dakota, and the South Dakota Association of County Commissioners, as applicable, prior to the hearing.
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