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SF 2999

1st Engrossment - 90th Legislature (2017 - 2018) Posted on 03/09/2018 08:44am

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

Current Version - 1st Engrossment

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A bill for an act
relating to transportation; modifying frequency of the transit financial activity
review of Metropolitan Council transportation division by the legislative auditor;
amending 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 deleted text begin and the joint powers board under section 297A.992.
Within 14 days of the end of each fiscal quarter,
deleted text end new text begin two times each year. The first report, due
April 1, must include the quarters ending on September 30 and December 31 of the previous
calendar year. The second report, due October 1, must include the quarters ending on March
31 and June 30 of the current year.
new text end The legislative auditor must submit the review to the
Legislative Audit Commission and the chairs and ranking minority members 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 deleted text begin and the joint powers board under section 297A.992deleted 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 (d) This subdivision expires on April 15, 2023.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective on July 1, 2018.
new text end