Multiyear procurement contracts for services and supplies where the contract term, including the exercise of any option, extends beyond 1 fiscal year are subject to the review and approval procedures required under this chapter and, in addition, the departments shall determine and certify to the Board on the appropriate Action Agenda or PAAR: That estimated requirements cover the period of the contract and are reasonably firm and continuing; and That the contract will serve the best interests of the State by encouraging effective competition or otherwise promoting economies in State procurement.