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Minnesota Legislature

Office of the Revisor of Statutes

SF 617

as introduced - 91st Legislature (2019 - 2020) Posted on 01/28/2019 04:30pm

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

Current Version - as introduced

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A bill for an act
relating to permanent school fund; appropriating money based on general fund
forecast to compensate permanent school fund for certain lands; amending
Minnesota Statutes 2018, section 16A.152, subdivisions 1b, 2.

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

Section 1.

Minnesota Statutes 2018, section 16A.152, subdivision 1b, is amended to read:


Subd. 1b.

Budget reserve level.

(a) The commissioner of management and budget shall
calculate the budget reserve level by multiplying the current biennium's general fund
nondedicated revenues and the most recent budget reserve percentage under subdivision 8.

(b) If, on the basis of a November forecast of general fund revenues and expenditures,
the commissioner of management and budget determines that there will be a positive
unrestricted general fund balance at the close of the biennium and that the provisions of
subdivision 2, paragraph (a), clauses (1)deleted text begin, (2), (3), and (4)deleted text endnew text begin to (6)new text end, are satisfied, the
commissioner shall transfer to the budget reserve account in the general fund the amount
necessary to increase the budget reserve to the budget reserve level determined under
paragraph (a). The amount of the transfer authorized in this paragraph shall not exceed 33
percent of the positive unrestricted general fund balance determined in the forecast.

Sec. 2.

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) the budget reserve account established in subdivision 1a until that account reaches
$1,596,522,000;

(3) 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;

(4) 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 beginand
deleted text end

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

new text begin (6) $100,000,000 to compensate the school trust lands account established in section
92.83, as required by section 84.027, subdivision 18, paragraphs (b) and (c). If $100,000,000
is not available to allocate, the commissioner must allocate the lesser amount available and
continue to allocate all available money until $100,000,000 has been transferred to the fund.
new 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.new text begin The money allocated under paragraph (a), clause
(6), is appropriated from the general fund to the commissioner of natural resources within
two weeks after the forecast is released.
new text end

(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.