SF 2756

as introduced - 88th Legislature (2013 - 2014) Posted on 03/20/2014 09:16am

A bill for an act
relating to state government; requiring the state forecast include the rate of
inflation; amending Minnesota Statutes 2012, section 16A.103, subdivisions
1a, 1b.

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

Section 1.

Minnesota Statutes 2012, section 16A.103, subdivision 1a, is amended to
read:

Subd. 1a.

Forecast parameters.

The forecast must assume the continuation of
current laws and reasonable estimates of projected growth in the national and state
economies and affected populations. Revenue must be estimated for all sources provided
for in current law. Expenditures must be estimated for all obligations imposed by law and
those projected to occur as a result of new text begin inflation and new text end variables outside the control of the
legislature. deleted text begin Expenditure estimates must not include an allowance for inflation.
deleted text end

Sec. 2.

Minnesota Statutes 2012, section 16A.103, subdivision 1b, is amended to read:

Subd. 1b.

Forecast variable.

In determining the new text begin rate of inflation, the application
of inflation, the new text end amount of state bonding as it affects debt service, the calculation of
investment income, and the other variables to be included in the expenditure part of the
forecast, the commissioner must consult with the chairs and lead minority members of the
senate State Government Finance Committee and the house of representatives Ways and
Means Committee, and legislative fiscal staff. This consultation must occur at least three
weeks before the forecast is to be released. No later than two weeks prior to the release of
the forecast, the commissioner must inform the chairs and lead minority members of the
senate State Government Finance Committee and the house of representatives Ways and
Means Committee, and legislative fiscal staff of any changes in these variables from the
previous forecast.