HF 15

as introduced - 89th Legislature, 2015 1st Special Session (2015 - 2015) Posted on 06/11/2015 10:14pm

A bill for an act
relating to environment; requiring investment of the metropolitan landfill
contingency action trust account; adding transfer requirements; amending
Minnesota Statutes 2014, sections 16A.152, subdivisions 1b, 2; 473.845,
subdivision 1.

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

Section 1.

Minnesota Statutes 2014, section 16A.152, subdivision 1b, is amended to
read:

Subd. 1b.

Budget reserve level.

(a) The commissioner of management and budget
shall calculate the budget reserve level by multiplying the current biennium's general fund
nondedicated revenues and the most recent budget reserve percentage under subdivision 8.

(b) If, on the basis of a November forecast of general fund revenues and
expenditures, the commissioner of management and budget determines that there will
be a positive unrestricted general fund balance at the close of the biennium and that
the provisions of subdivision 2, clauses (1) deleted text begin , (2), (3), and (4) deleted text end new text begin to (5) new text end , are satisfied, the
commissioner shall transfer to the budget reserve account in the general fund the amount
necessary to increase the budget reserve to the budget reserve level determined under
paragraph (a). The amount of the transfer authorized in this paragraph shall not exceed 33
percent of the positive unrestricted general fund balance determined in the forecast.

Sec. 2.

Minnesota Statutes 2014, 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 $810,992,000;

(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; deleted text begin and
deleted 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 . deleted text end new text begin ; and
new text end

new text begin (5) the metropolitan landfill contingency action trust account established in section
473.845 until $22,000,000 has been transferred into the account. This clause expires after
the entire amount of the transfer has been made.
new 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.

Sec. 3.

Minnesota Statutes 2014, section 473.845, subdivision 1, is amended to read:

Subdivision 1.

Establishment.

The metropolitan landfill contingency action trust
account is an expendable trust account in the remediation fund. The account consists
of revenue deposited in the account under section 473.843, subdivision 2, clause (2);
amounts recovered under subdivision 7; and interest earned on investment of money in
the account. new text begin The account must be managed to maximize long-term gain through the
State Board of Investment.
new text end