Minnesota Session Laws - 2023, Regular Session

CHAPTER 10--H.F.No. 35

An act

relating to state government; requiring the state forecast include the rate of inflation;

amending Minnesota Statutes 2022, section 16A.103, subdivisions 1a, 1b.

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

Section 1.

Minnesota Statutes 2022, 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 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 2022, section 16A.103, subdivision 1b, is amended to read:

Subd. 1b.

Forecast variable.

In determining the new text begin rate of inflation, the application 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 of representatives 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 of representatives Ways and Means Committee, and legislative fiscal staff of any changes in these variables from the previous forecast.

Sec. 3.

new text begin EFFECTIVE DATE. new text end

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

Presented to the governor February 21, 2023

Signed by the governor February 21, 2023, 1:33 p.m.