Requires the office of financial management, in consultation with the secretary of state, the department of revenue, other state agencies, selected local governments and associations of local governments, and legislative fiscal staff, when appropriate, to prepare a fiscal note for each initiative to the people the petition for which has been filed with the secretary of state and for each initiative to the legislature that will appear on the ballot, including a separate fiscal note for any alternative measure appearing on the ballot that is proposed by the legislature.