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HF 2030

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/08/2021 02:26pm

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

Bill Text Versions

Engrossments
Introduction Posted on 03/08/2021

Current Version - as introduced

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A bill for an act
relating to state government; modifying the uses of a positive general fund balance;
amending Minnesota Statutes 2020, section 16A.152, subdivision 2.

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

Section 1.

Minnesota Statutes 2020, 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;new text begin and
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; and
deleted text end

deleted text begin (6)deleted text endnew text begin (5)new text end the amount necessary to increase the Minnesota 21st century fund by not more
than the difference between $5,000,000 and the sum of the amounts credited and canceled
to it in the previous 12 months under Laws 2020, chapter 71, article 1, section 11, until the
sum of all transfers under this section and all amounts credited or canceled under Laws
2020, chapter 71, article 1, section 11, equals $20,000,000.

(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.