1.    Whenever any new construction, renovation, or repair, valued at more than two hundred fifty thousand dollars is underway on the campus of an institution of higher education under the control of the state board of higher education, the board shall provide semiannual project variance reports to the director of the office of management and budget. Each report must include:

a.    The name or a description of the project; b.    The expenditure authorized by the legislative assembly; c.    The amount of the original contract; d.    The amount of any change orders; e.    The amount of any potential or anticipated change orders; f.    The sum of subdivisions c through e and the amount by which that sum varies from the expenditure authorized by the legislative assembly; g.    The total expended for the project to date; and

h.    The scheduled date of completion as noted in the original contract and the latest available scheduled date of completion.

2.    The state board of higher education also shall provide to the director of the office of management and budget, at the same time as the project variance report required by subsection 1:

a.    A brief description of each change order included in subdivision d of subsection 1; and b.    A list of each public and nonpublic entity that has a contractually reflected financial obligation with respect to the project.

3.    The office of management and budget shall review the information received under this section and provide reports to the budget section of the legislative management upon request.