(1) The purposes of information technology portfolio-based management are to:

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(a) Ensure that state agencies link the state agencies’ information technology investments with business plans;

(b) Facilitate risk assessment of information technology projects and investments;

(c) Ensure that state agencies justify information technology investments on the basis of sound business cases;

(d) Ensure that state agencies facilitate development and review of information technology performance related to business operations;

(e) Identify projects that can cross agency and program lines to leverage resources; and

(f) Assist in state government-wide planning for common, shared information technology infrastructure.

(2) The State Chief Information Officer shall integrate state agency strategic and business planning, technology planning and budgeting and project expenditure processes into the State Chief Information Officer’s portfolio-based management and oversight of state information technology resources.

(3) The State Chief Information Officer shall conduct and maintain a continuous inventory of each state agency’s current and planned investments in information technology, a compilation of information about the current and planned investments and the total life cycle cost of the current and planned investments. Each state agency shall cooperate with the State Chief Information Officer in conducting and maintaining the inventory. The State Chief Information Officer shall develop and implement state government-wide rules, policies and standards for conducting and maintaining the required inventory and for managing the state government-wide information technology portfolio. State agencies shall participate in the State Chief Information Officer’s information technology portfolio-based management program and shall comply with the rules, policies and standards that the State Chief Information Officer establishes under this subsection. The provisions of this subsection do not relieve any state agency from accountability for equipment, materials, supplies and tangible and intangible personal property under the state agency’s control.

(4) The State Chief Information Officer shall ensure that state agencies implement portfolio-based management of information technology resources in accordance with this section and with rules, policies and standards that the State Chief Information Officer adopts.

(5) Before adopting rules to implement the provisions of this section, the State Chief Information Officer shall present the proposed rules to the Joint Legislative Committee on Information Management and Technology. [Formerly 184.475]