SF 4549

as introduced - 91st Legislature (2019 - 2020) Posted on 05/05/2020 07:35am

A bill for an act
relating to state finances; reimbursing the Minnesota 21st century minerals fund;
adjusting the budget reserve forecast calculation; changing the fund receiving
small business loan repayments; making technical changes; amending Minnesota
Statutes 2018, section 16A.152, subdivision 2; Laws 2020, chapter 71, article 1,
section 11.

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

Section 1.

Minnesota Statutes 2018, section 16A.152, subdivision 2, is amended to read:

Subd. 2.

Additional revenues; priority.

(a) If on the basis of a forecast of general fund
revenues and expenditures, the commissioner of management and budget determines that
there will be a positive unrestricted budgetary general fund balance at the close of the
biennium, the commissioner of management and budget must allocate money to the following
accounts and purposes in priority order:

(1) the cash flow account established in subdivision 1 until that account reaches
$350,000,000;

(2) new text begin $20,000,000 to the Minnesota 21st century minerals fund;
new text end

new text begin (3) new text end the budget reserve account established in subdivision 1a until that account reaches
deleted text begin $1,596,522,000 deleted text end new text begin $2,358,698,000 new text end ;

deleted text begin (3) deleted text end new text begin (4) new text end the amount necessary to increase the aid payment schedule for school district
aids and credits payments in section 127A.45 to not more than 90 percent rounded to the
nearest tenth of a percent without exceeding the amount available and with any remaining
funds deposited in the budget reserve; new text begin and
new text end

deleted text begin (4) deleted text end new text begin (5) new text end the amount necessary to restore all or a portion of the net aid reductions under
section 127A.441 and to reduce the property tax revenue recognition shift under section
123B.75, subdivision 5, by the same amount deleted text begin ; and deleted text end new text begin .
new text end

deleted text begin (5) the clean water fund established in section 114D.50 until $22,000,000 has been
transferred into the fund.
deleted text end

(b) The amounts necessary to meet the requirements of this section are appropriated
from the general fund within two weeks after the forecast is released or, in the case of
transfers under paragraph (a), clauses (3) and (4), as necessary to meet the appropriations
schedules otherwise established in statute.

(c) The commissioner of management and budget shall certify the total dollar amount
of the reductions under paragraph (a), clauses (3) and (4), to the commissioner of education.
The commissioner of education shall increase the aid payment percentage and reduce the
property tax shift percentage by these amounts and apply those reductions to the current
fiscal year and thereafter.

(d) Paragraph (a), clause (5), expires after the entire amount of the transfer has been
made.

Sec. 2.

Laws 2020, chapter 71, article 1, section 11, is amended to read:

Sec. 11. TRANSFERS; SMALL BUSINESS EMERGENCY LOAN PROGRAM.

Notwithstanding Minnesota Statutes, sections 116J.423 and 116J.8731, in fiscal year
2020, the following amounts are transferred to the small business emergency loan account
in the special revenue fund under Minnesota Statutes, section 116M.18, subdivision 9:

(1) $20,000,000 from the special revenue fund account of the Minnesota 21st century
fund under Minnesota Statutes, section 116J.423, subdivision 1; and

(2) $10,000,000 from the Minnesota investment revolving loan account under Minnesota
Statutes, section 116J.8731, subdivision 5, in the special revenue fund.

Transferred amounts are appropriated to the commissioner of employment and economic
development to make loans as set forth in Governor's Executive Order 20-15, Providing
Immediate Relief to Small Businesses During the COVID-19 Peacetime Emergency. All
loan repayments are credited proportionately to the accounts from which the loan amounts
were originally transferred. new text begin Loan repayments credited to the special revenue fund account
of the Minnesota 21st century fund are transferred to the general fund. new text end Any amounts
remaining in the small business emergency loan account that are unexpended and unobligated
at the close of the fiscal year cancel proportionately to the accounts from which the amounts
were originally transferred.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end