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Minnesota Legislature

Office of the Revisor of Statutes

SF 3128

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

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

Current Version - as introduced

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A bill for an act
relating to state finance; requiring the commissioner of finance to adjust for
projected inflation in forecasting state expenditures; amending Minnesota
Statutes 2006, section 16A.103, subdivisions 1a, 1b.

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

Section 1.

Minnesota Statutes 2006, 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 begininflation and other new text endvariables outside the control of
the legislature. deleted text beginExpenditure estimates must not include an allowance for inflation.deleted text endnew text begin A
general inflation estimate must not include inflation on debt service or on programs for
which a statutory growth factor is already included in the forecast.
new text end

new text begin EFFECTIVE DATE. new text end

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

Sec. 2.

Minnesota Statutes 2006, section 16A.103, subdivision 1b, is amended to read:


Subd. 1b.

Forecast variable.

In determining new text beginthe rate of inflation, the application
of inflation,
new text endthe 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 deleted text beginState Governmentdeleted text end 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
deleted text begin State Governmentdeleted text end 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 EFFECTIVE DATE. new text end

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