If any state agency applies for federal funds to meet a mandatory responsibility under federal or state law and such application is not approved, the state agency shall submit to the Department of Finance, the Office of Planning and Research and the Joint Legislative Budget Committee within 15 calendar days of its receipt of notification of the lack of approval of its application all of the following:
(a) An identification of the federal program for which the application was not approved and the federal administering agency.
(b) An estimate of the amount of funds affected by the lack of approval of the state agency application.
(c) An indication of the reason or reasons the application was not approved.
(d) A description of any issues pertaining to responsibilities or actions of other state or local agencies which have affected the lack of approval.