SF 2054

1st Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to state government; regulating the state budget reserve; amending
Minnesota Statutes 2006, section 16A.152, subdivisions 1a, 1b.

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

Section 1.

Minnesota Statutes 2006, section 16A.152, subdivision 1a, is amended to
read:

Subd. 1a.

Budget reserve.

A budget reserve account is created in the general fund
in the state treasury. The commissioner of finance shall transfer to the budget reserve
account on July 1 of each odd-numbered year any amounts specifically appropriated by
law to the budget reserve. Notwithstanding section 11A.12, net income attributable to
investment of $629,000,000 in the account, rounded to the nearest $1,000,000, must be
credited to the account.

Sec. 2.

Minnesota Statutes 2006, section 16A.152, subdivision 1b, is amended to read:

Subd. 1b.

Budget reserve increase.

On July 1, 2003 2007, the commissioner of
finance shall transfer $300,000,000 $629,000,000 to the budget reserve account in the
general fund. On July 1, 2004, the commissioner of finance shall transfer $296,000,000 to
the budget reserve account in the general fund. The amounts amount necessary for this
purpose are is appropriated from the general fund.