1.    An executive, legislative, or judicial branch agency, except for institutions under the control of the state board of higher education, shall report to the department before September first of each even-numbered year regarding the plan for and status of any information technology project that is estimated to cost more than five hundred thousand dollars.

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2.    During the life of the project, the agency shall notify the department if:

     a.    At a project milestone, the amount expended on project costs exceeds the planned budget for that milestone by twenty percent or more; or

b.    At a project milestone, the project schedule extends beyond the planned schedule to attain that milestone by twenty percent or more.

3.    A report under subsection 2 must specify corrective measures being undertaken to address any cost or time of completion issue. If the agency has not taken adequate corrective measures within ninety days after the report, the agency shall submit a report to the legislative management’s information technology committee regarding the project.

4.    Upon completion of the project, the agency shall notify the department if:

a.    The budget for the project exceeded the original budget by twenty percent or more; or

b.    The final project completion date extended beyond the original project scheduled completion date by twenty percent or more.