(1) No later than 60 calendar days after the date of an election in which the voters approve an initiative, the budget officer shall: (a) for each initiative approved by the voters, prepare a final fiscal impact statement, using current financial information and containing the information required by Subsection 20A-7-502.5(2), except for the information required by Subsection 20A-7-502.5(2)(a)(vii); and (b) deliver a copy of the final fiscal impact statement to: (i) the local legislative body of the jurisdiction where the initiative was circulated; (ii) the local clerk; and (iii) the first three sponsors listed on the initiative application. (2) If the final fiscal impact statement exceeds the estimate in the initial fiscal impact and legal statement by 25% or more, the local legislative body shall review the final fiscal impact statement and may, by a majority vote: (a) repeal the law established by passage of the initiative; (b) amend the law established by the passage of the initiative; or (c) pass a resolution informing the voters that they may file an initiative petition to repeal the law enacted by passage of the initiative.
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