Definitions. In this Section, the following words and phrases have the following meanings: Director means the Director of the Office of Management and Budget. Fiscal impact means an estimate of changes in future County revenue and expenditures attributable to a change in the law. Legislation means a bill or resolution under consideration by the Council. Fiscal impact statements. The Director shall submit a statement to the Council describing the fiscal impact, if any, of each piece of legislation. The Director shall submit a separate statement for each piece of legislation. Time for submission. A fiscal impact statement should be submitted to the Council: no later than 7 days before the first Committee session at which the legislation is considered on each bill or resolution presented or introduced, respectively, by the Council Chair at the request of the County Executive; and the earlier of no more than: twelve (12) days after a bill or resolution sponsored by a Councilmember is presented or introduced, respectively; or two (2) days before the first Committee session at which the legislation is considered. If the Director is unable to submit the statement within the time required by paragraph (2), the Director shall notify the Council Chair in writing of the delay, the reason for the delay, and the revised delivery date. If the Council Chair finds that the revised delivery date is unreasonable, the Council Chair may set a different delivery deadline. Content of fiscal impact statement. Each fiscal impact statement shall include: the sources of information, assumptions, and methodologies used; an estimate of changes in County revenues and expenditures regardless of whether the revenues or expenditures are assumed in a recommended or approved budget; revenue and expenditure estimates covering at least the next four (4) fiscal years; analysis of the full personnel cost of the legislation; an estimate of additional staff and resources needed to implement the legislation; an explanation of revenue or expenditures that are uncertain or difficult to project; and if the legislation is likely to have no fiscal impact, why that is the case. Compliance. Council action on legislation that is otherwise valid is not invalid because of any failure to follow the requirements of this Section.