MN HF2038

Amend Minnesota Statutes 2008, section 16A.152, to require the commissioner of finance to periodically review the budget reserve formula developed by the Budget Trends Study Commission.

Commissioner must annually review variables and coefficients in the formula used to model general fund taxes and revenues, and update the formula if significant changes are identified.

Commissioner must conduct a comprehensive methodology review every ten years, considering relevant economic literature, and revise the formula if determined to be outdated.

Commissioner must submit annual reports by January 15 to the House Ways and Means Committee and Senate Finance Committee specifying whether formula variables, coefficients, or methodology were updated or revised.

Department of Administration may establish a statewide system of economic, social, and environmental performance measures, and commissioner of finance must submit a cash flow study report by January 15, 2010.