SF 3063

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to state government; providing for inflation in the revenue forecast;
amending Minnesota Statutes 2004, section 16A.103, subdivisions 1a, 1b.

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

Section 1.

Minnesota Statutes 2004, 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 other 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 2004, section 16A.103, subdivision 1b, is amended to read:

Subd. 1b.

Forecast variable.

In determining the new text begin rate 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 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 Ways and Means Committee, and legislative fiscal staff of any changes in
these variables from the previous forecast. new text begin The rate of inflation determined under this
subdivision must be applied consistently in all categories of obligations included in the
forecast.
new text end