SF 2938

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to state revenues and expenditures; providing 
  1.3             for forecast parameters and variables, and sharing of 
  1.4             information on expenditures, revenue, and economic 
  1.5             data; amending Minnesota Statutes 1999 Supplement, 
  1.6             section 16A.103, subdivision 1. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1999 Supplement, section 
  1.9   16A.103, subdivision 1, is amended to read: 
  1.10     Subdivision 1.  [STATE REVENUE AND EXPENDITURES.] In 
  1.11  February and November each year, the commissioner shall prepare 
  1.12  a forecast of state revenue and expenditures.  The November 
  1.13  forecast must be delivered to the legislature and governor no 
  1.14  later than the end of the first week of December.  The February 
  1.15  forecast must be delivered to the legislature and governor by 
  1.16  the end of February.  Forecasts must be delivered to the 
  1.17  legislature and governor on the same day.  If requested by the 
  1.18  legislative commission on planning and fiscal policy, delivery 
  1.19  to the legislature must include a presentation to the commission.
  1.20     Subd. 1a.  [FORECAST PARAMETERS.] The forecast must assume 
  1.21  the continuation of current laws and reasonable estimates of 
  1.22  projected growth in the national and state economies and 
  1.23  affected populations.  Revenue must be estimated for all sources 
  1.24  provided for in current law.  Expenditures must be estimated for 
  1.25  all obligations imposed by law and those projected to occur as a 
  1.26  result of inflation and variables outside the control of the 
  2.1   legislature.  The forecast must include a set aside amount that 
  2.2   reflects cost increases as a result of inflation in delivering 
  2.3   the current law level of services.  This amount may not exceed 
  2.4   the amount obtained by applying the Consumer Price Index to 
  2.5   those state expenditures that reflect payments for services at 
  2.6   the state or local level.  An amount to reflect increases in 
  2.7   providing services may not be applied to any appropriation for 
  2.8   which the law or process determining that appropriation amount 
  2.9   already includes a factor to reflect those cost increases. 
  2.10     Subd. 1b.  [FORECAST VARIABLE.] In determining the rate of 
  2.11  inflation, the application of inflation, the amount of state 
  2.12  bonding as it affects debt service, the calculation of 
  2.13  investment income, and the other variables to be included in the 
  2.14  expenditure part of the forecast, the commissioner must consult 
  2.15  with the chair chairs and lead minority members of the senate 
  2.16  state government finance committee, and the chair of the house 
  2.17  committee on ways and means committee, and house and 
  2.18  senate legislative fiscal staff.  This consultation must occur 
  2.19  at least six weeks before the forecast is to be released.  No 
  2.20  later than two weeks prior to the release of the forecast, the 
  2.21  commissioner must inform the chairs and lead minority members of 
  2.22  the senate state government finance committee and the house ways 
  2.23  and means committee, and legislative fiscal staff of any changes 
  2.24  in these variables from the previous forecast. 
  2.25     Subd. 1c.  [EXPENDITURE DATA.] State agencies must submit 
  2.26  any revisions in expenditure data the commissioner determines 
  2.27  necessary for the forecast to the commissioner at least four 
  2.28  weeks prior to the release of the forecast.  The information 
  2.29  submitted by state agencies and any modifications to that 
  2.30  information made by the commissioner must be made available to 
  2.31  legislative fiscal staff no later than three weeks prior to the 
  2.32  release of the forecast. 
  2.33     Subd. 1d.  [REVENUE DATA.] On a monthly basis, the 
  2.34  commissioner must provide legislative fiscal staff with an 
  2.35  update of the previous month's state revenues no later than 12 
  2.36  days after the end of that month. 
  3.1      Subd. 1e.  [ECONOMIC INFORMATION.] The commissioner must 
  3.2   review economic information including economic forecasts with 
  3.3   legislative fiscal staff no later than two weeks before the 
  3.4   forecast is released.  The commissioner must invite the chairs 
  3.5   and lead minority members of the senate state government finance 
  3.6   committee and the house ways and means committee, and 
  3.7   legislative fiscal staff to attend any meetings held with 
  3.8   outside economic advisors.  The commissioner must provide 
  3.9   legislative fiscal staff with monthly economic forecast 
  3.10  information received from outside sources. 
  3.11     Subd. 1f.  [PERSONAL INCOME.] In addition, the commissioner 
  3.12  shall forecast Minnesota personal income for each of the years 
  3.13  covered by the forecast and include these estimates in the 
  3.14  forecast documents. 
  3.15     Subd. 1g.  [PERIOD TO BE FORECAST.] A forecast prepared 
  3.16  during the first fiscal year of a biennium must cover that 
  3.17  biennium and the next biennium.  A forecast prepared during the 
  3.18  second fiscal year of a biennium must cover that biennium and 
  3.19  the next two bienniums.