1.1 	A bill for an act
1.2 	relating to transportation; modifying frequency of the transit financial activity 
1.3 	review of Metropolitan Council transportation division by the legislative auditor;
1.4 	amending Minnesota Statutes 2017 Supplement, section 3.972, subdivision 4.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2017 Supplement, section 3.972, subdivision 4, is amended 
1.7 	to read:
1.8 		Subd. 4.Certain transit financial activity reporting. (a) The legislative auditor must 
1.9 	perform a transit financial activity review of financial information for the Metropolitan 
1.10 	Council's Transportation Division and the joint powers board under section 297A.992. 
1.11 	Within 14 days of the end of each fiscal quarter,two times each year. The first report, due 
1.12 	April 1, must include the quarters ending on September 30 and December 31 of the previous 
1.13 	calendar year. The second report, due October 1, must include the quarters ending on March 
1.14 	31 and June 30 of the current year. The legislative auditor must submit the review to the 
1.15 	Legislative Audit Commission and the chairs and ranking minority members of the legislative 
1.16 	committees with jurisdiction over transportation policy and finance, finance, and ways and 
1.17 	means.
1.18 	(b) At a minimum, each transit financial activity review must include:
1.19 	(1) a summary of monthly financial statements, including balance sheets and operating 
1.20 	statements, that shows income, expenditures, and fund balance;
1.21 	(2) a list of any obligations and agreements entered into related to transit purposes, 
1.22 	whether for capital or operating, including but not limited to bonds, notes, grants, and future 
1.23 	funding commitments;
2.1 	(3) the amount of funds in clause (2) that has been committed;
2.2 	(4) independent analysis by the fiscal oversight officer of the fiscal viability of revenues 
2.3 	and fund balance compared to expenditures, taking into account:
2.4 	(i) all expenditure commitments;
2.5 	(ii) cash flow;
2.6 	(iii) sufficiency of estimated funds; and
2.7 	(iv) financial solvency of anticipated transit projects; and
2.8 	(5) a notification concerning whether the requirements under paragraph (c) have been 
2.9 	met.
2.10 	(c) The Metropolitan Council and the joint powers board under section 297A.992 must 
2.11 	produce monthly financial statements as necessary for the review under paragraph (b), 
2.12 	clause (1), and provide timely information as requested by the legislative auditor.
2.13 	(d) This subdivision expires on April 15, 2023.

2.14 	EFFECTIVE DATE. This section is effective the day following final enactment.