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Minnesota Legislature

Office of the Revisor of Statutes

HF 3364

as introduced - 90th Legislature (2017 - 2018) Posted on 03/05/2018 03:11pm

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

Current Version - as introduced

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A bill for an act
relating to transportation finance; modifying and establishing transportation finance,
budget, and reporting provisions related to the Metropolitan Council; amending
Minnesota Statutes 2016, section 473.13, by adding subdivisions; Minnesota
Statutes 2017 Supplement, section 3.972, subdivision 4.

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

Section 1.

Minnesota Statutes 2017 Supplement, section 3.972, subdivision 4, is amended
to read:


Subd. 4.

Certain transit financial activity reporting.

(a) The legislative auditor must
perform a transit financial activity review of financial information for the Metropolitan
Council's Transportation Division andnew text begin, if it engaged in financial activity,new text end the joint powers
board under section 297A.992. Within deleted text begin14deleted text endnew text begin 60new text end days of the end of eachnew text begin even-numberednew text end fiscal
deleted text begin quarterdeleted text endnew text begin yearnew text end, the legislative auditor must submit the review to the Legislative Audit
Commissionnew text begin, Legislative Commission on Metropolitan Government,new text end and the chairs deleted text beginanddeleted text endnew text begin,new text end
ranking minority membersnew text begin, and staffnew text end of the legislative committees with jurisdiction over
transportation policy and finance, finance, and ways and means.

(b) At a minimum, each transit financial activity review must include:

(1) a summary of monthly financial statements, including balance sheets and operating
statements, that shows income, expenditures, and fund balance;

(2) a list of any obligations and agreements entered into related to transit purposes,
whether for capital or operating, including but not limited to bonds, notes, grants, and future
funding commitments;

(3) the amount of funds in clause (2) that has been committed;

(4) independent analysis by the fiscal oversight officer of the fiscal viability of revenues
and fund balance compared to expenditures, taking into account:

(i) all expenditure commitments;

(ii) cash flow;

(iii) sufficiency of estimated funds; and

(iv) financial solvency of anticipated transit projects; and

(5) a notification concerning whether the requirements under paragraph (c) have been
met.

(c) The Metropolitan Council andnew text begin, if it engaged in financial activity,new text end the joint powers
board under section 297A.992new text begin,new text end must produce monthly financial statements as necessary for
the review under paragraph (b), clause (1), and provide timely information as requested by
the legislative auditor.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2.

Minnesota Statutes 2016, section 473.13, is amended by adding a subdivision to
read:


new text begin Subd. 1d. new text end

new text begin Budget amendments. new text end

new text begin In conjunction with the adoption of any amendment
to the budgets under subdivision 1, the council must submit a summary of budget changes
and a copy of the amended budget to the members and staff of the legislative committees
with jurisdiction over transportation policy and finance and to the Legislative Commission
on Metropolitan Government.
new text end

new text begin EFFECTIVE DATE; APPLICATION. new text end

new text begin This section is effective the day following
final enactment and applies in the counties of Anoka, Carver, Dakota, Hennepin, Ramsey,
Scott, and Washington.
new text end

Sec. 3.

Minnesota Statutes 2016, section 473.13, is amended by adding a subdivision to
read:


new text begin Subd. 6. new text end

new text begin Overview of revenues and expenditures; forecast. new text end

new text begin (a) In cooperation with
the Department of Management and Budget and as required by section 16A.103, the council
must prepare in February and November of each year a financial overview and forecast of
revenues and expenditures for the transportation components of the council's budget.
new text end

new text begin (b) At a minimum, the financial overview and forecast must identify:
new text end

new text begin (1) actual revenues, expenditures, transfers, reserves, and balances for each of the previous
four budget years;
new text end

new text begin (2) budgeted and forecasted revenues, expenditures, transfers, reserves, and balances
for each year within the state forecast period; and
new text end

new text begin (3) a comparison of the information under clause (2) to the prior forecast, including any
changes made.
new text end

new text begin (c) The information under paragraph (b), clauses (1) and (2), must include:
new text end

new text begin (1) a breakdown for each transportation operating budget category established by the
council, including but not limited to bus, light rail transit, commuter rail, planning, special
transportation service under section 473.386, and assistance to replacement service providers
under section 473.388;
new text end

new text begin (2) data for both transportation operating and capital expenditures; and
new text end

new text begin (3) fund balances for each replacement service provider under section 473.388.
new text end

new text begin (d) The financial overview and forecast must summarize reserve policies, identify the
methodology for cost allocation, and review revenue assumptions and variables affecting
the assumptions.
new text end

new text begin (e) The council must review the financial overview and forecast information with the
chairs and legislative staff of the legislative committees with jurisdiction over finance, ways
and means, and transportation finance no later than two weeks following the release of the
forecast.
new text end

new text begin EFFECTIVE DATE; APPLICATION. new text end

new text begin This section is effective the day following
final enactment and applies in the counties of Anoka, Carver, Dakota, Hennepin, Ramsey,
Scott, and Washington.
new text end