HF 2480

as introduced - 89th Legislature (2015 - 2016) Posted on 03/15/2016 09:13am

A bill for an act
relating to higher education; establishing a new measurement of economic
welfare; requiring the inclusion of the economic measure in the state budget
forecast; appropriating funds; amending Minnesota Statutes 2014, section
16A.103, subdivision 1; proposing coding for new law in Minnesota Statutes,
chapter 137.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2014, section 16A.103, subdivision 1, is amended to read:

Subdivision 1.

State revenue and expenditures.

In February and November each
year, the commissioner shall prepare a forecast of state revenue and expenditures. The
November forecast must be delivered to the legislature and governor no later than the end
of the first week of December. The February forecast must be delivered to the legislature
and governor by the end of February. Forecasts must be delivered to the legislature and
governor on the same day. If requested by the Legislative Commission on Planning and
Fiscal Policy, delivery to the legislature must include a presentation to the commission.
new text begin Each forecast document must compare the genuine progress indicator value derived under
section 137.45 against other measures of state economic growth or well-being included
in the forecast.
new text end

Sec. 2.

new text begin [137.45] GENUINE PROGRESS INDICATOR.
new text end

new text begin Subdivision 1. new text end

new text begin Definition. new text end

new text begin For the purposes of this section, "genuine progress
indicator" means a measure of economic welfare that includes, but is not limited to, the
following components:
new text end

new text begin (1) personal consumption expenditures, adjusted for income inequality;
new text end

new text begin (2) a measure of income and wealth distribution;
new text end

new text begin (3) the value of household labor;
new text end

new text begin (4) the value of volunteer work;
new text end

new text begin (5) services of household capital;
new text end

new text begin (6) services of highways and streets, including but not limited to public transportation;
new text end

new text begin (7) the cost of crime;
new text end

new text begin (8) the cost of lost leisure time;
new text end

new text begin (9) the cost of underemployment;
new text end

new text begin (10) the cost of consumer durable goods;
new text end

new text begin (11) the cost of commuting;
new text end

new text begin (12) the cost of household pollution abatement;
new text end

new text begin (13) the cost of automobile accidents;
new text end

new text begin (14) the cost of water, air, and noise pollution;
new text end

new text begin (15) the loss of wetlands, farmland, and nonrenewable resources;
new text end

new text begin (16) the costs of ozone depletion and lost forest cover;
new text end

new text begin (17) net capital investment; and
new text end

new text begin (18) net foreign lending and borrowing.
new text end

new text begin Subd. 2. new text end

new text begin Calculation. new text end

new text begin The Bureau of Business and Economic Research at the
University of Minnesota, in consultation with other relevant academic departments and
the advisory board established in this section, shall calculate a genuine progress indicator
for the state of Minnesota.
new text end

new text begin Subd. 3. new text end

new text begin Report required. new text end

new text begin (a) By January 15 of each year, the board shall
report to the senate Finance Committee, the house of representatives Ways and Means
Committee, the house of representatives State Government Finance Committee, and the
legislative committees with jurisdiction over economic development and higher education
an estimate of a genuine progress indicator for the previous year. At a minimum, the
report must describe recent changes in the indicator, the components of the indicator that
changed significantly during the previous year, and a comparison of the indicator with
other measures of state economic growth or well-being.
new text end

new text begin (b) The board must make available on its Web site the report required in this
subdivision and the data used to calculate its components.
new text end

new text begin Subd. 4. new text end

new text begin Advisory board. new text end

new text begin The Board of Regents shall establish an advisory board
to guide the work of the Bureau of Business and Economic Research on the genuine
progress indicator. The board must include legislators, the state economist, the state
demographer, representatives of relevant executive branch agencies, and representatives
of relevant nonprofit research organizations.
new text end

Sec. 3. new text begin APPROPRIATION; GENUINE PROGRESS INDICATOR.
new text end

new text begin $....... in fiscal year 2017 is appropriated from the general fund to the Board of
Regents of the University of Minnesota for the Bureau of Business and Economic
Research to calculate a genuine progress indicator for the state of Minnesota and report
the results, as described in Minnesota Statutes, section 137.45.
new text end