SF 1788

as introduced - 88th Legislature (2013 - 2014) Posted on 03/04/2014 09:44am

A bill for an act
relating to financing of state government; increasing the budget reserve;
appropriating money; amending Minnesota Statutes 2012, section 16A.152,
subdivision 2; repealing Minnesota Statutes 2012, section 16A.152, subdivision
1b.

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

Section 1.

Minnesota Statutes 2012, section 16A.152, subdivision 2, is amended to read:

Subd. 2.

Additional revenues; priority.

(a) If on the basis of a forecast of general
fund revenues and expenditures, the commissioner of management and budget determines
that there will be a positive unrestricted budgetary general fund balance at the close of
the biennium, the commissioner of management and budget must allocate money to the
following accounts and purposes in priority order:

(1) the cash flow account established in subdivision 1 until that account reaches
$350,000,000;

(2) the budget reserve account established in subdivision 1a until that account
reaches deleted text begin $653,000,000 deleted text end new text begin $1,000,992,000 new text end ;

(3) the amount necessary to increase the aid payment schedule for school district
aids and credits payments in section 127A.45 to not more than 90 percent rounded to the
nearest tenth of a percent without exceeding the amount available and with any remaining
funds deposited in the budget reserve; new text begin and
new text end

(4) the amount necessary to restore all or a portion of the net aid reductions under
section 127A.441 and to reduce the property tax revenue recognition shift under section
123B.75, subdivision 5, by the same amount deleted text begin ; and deleted text end new text begin .
new text end

deleted text begin (5) to the state airports fund, the amount necessary to restore the amount transferred
from the state airports fund under Laws 2008, chapter 363, article 11, section 3,
subdivision 5.
deleted text end

(b) The amounts necessary to meet the requirements of this section are appropriated
from the general fund within two weeks after the forecast is released or, in the case of
transfers under paragraph (a), clauses (3) and (4), as necessary to meet the appropriations
schedules otherwise established in statute.

(c) The commissioner of management and budget shall certify the total dollar
amount of the reductions under paragraph (a), clauses (3) and (4), to the commissioner of
education. The commissioner of education shall increase the aid payment percentage and
reduce the property tax shift percentage by these amounts and apply those reductions to
the current fiscal year and thereafter.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for forecasts following final
enactment.
new text end

Sec. 2. new text begin BUDGET RESERVE INCREASE.
new text end

new text begin On July 1, 2014, the commissioner of management and budget shall transfer
$340,000,000 to the budget reserve in the general fund.
new text end

Sec. 3. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2012, section 16A.152, subdivision 1b, new text end new text begin is repealed.
new text end