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SF 364

as introduced - 89th Legislature (2015 - 2016) Posted on 08/18/2015 01:58pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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A bill for an act
 relating to finance; changing the date of the revenue reserve report; changing the
members who receive the report; amending Minnesota Statutes 2014, section
16A.152, subdivision 8.

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

Section 1.

Minnesota Statutes 2014, section 16A.152, subdivision 8, is amended to read:


Subd. 8.

Report on budget reserve percentage.

(a) The commissioner of
management and budget shall develop and annually review a methodology for evaluating
the adequacy of the budget reserve based on the volatility of Minnesota's general fund
tax structure. The review must take into consideration relevant statistical and economic
literature. After completing the review, the commissioner may revise the methodology
if necessary. The commissioner must use the methodology to annually estimate the
percentage of the current biennium's general fund nondedicated revenues recommended
as a budget reserve.

(b) By deleted text begin January 15deleted text end new text begin August 31new text end of each year, the commissioner shall report the
percentage of the current biennium's general fund nondedicated revenue that is
recommended as a budget reserve to the chairs and ranking minority members of the
deleted text begin legislative committees with jurisdiction over the Department of Management and Budgetdeleted text end new text begin
senate Finance Committee, the house of representatives Ways and Means Committee, and
the senate and house of representatives committees on taxesnew text end . The report must also specify:

(1) whether the commissioner revised the recommendation as a result of significant
changes in the mix of general fund taxes or the base of one or more general fund taxes;

(2) whether the commissioner revised the recommendation as a result of a revision
to the methodology; and

(3) any additional appropriate information.