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HF 2749

as introduced - 89th Legislature (2015 - 2016) Posted on 03/10/2016 03:20pm

KEY: stricken = removed, old language. underscored = added, new language.

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A bill for an act
relating to state finances; conforming buyback level for the budget reserve with
the most recent forecast; eliminating obsolete language;amending Minnesota
Statutes 2015 Supplement, section 16A.152, subdivision 2.

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

Section 1.

Minnesota Statutes 2015 Supplement, 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 $1,596,522,000;

(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; and

(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;.

(5) the closed landfill investment fund established in section 115B.421 until
$63,215,000 has been transferred into the account. This clause expires after the entire
amount of the transfer has been made; and

(6) the metropolitan landfill contingency action trust account established in section
473.845 until $8,100,000 has been transferred into the account. This clause expires after
the entire amount of the transfer has been made.

(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.

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