Whenever any child is identified by a local or regional board of education as a child requiring special education and said board of education determines that the requirements for special education could be met by a program provided by an agreement or a contract with a private provider of special education services, except for the child’s need for services other than educational services such as medical, psychiatric or institutional care or services, such private provider of special education services shall submit its operating budget to the Department of Education on or before October first of the school year in which such private provider of special education services is providing such program, except that such private provider of special education services shall not be required to submit its operating budget more than once in a single school year.