MN HF990

Amends Minnesota Statutes 2008, section 16A.152, subdivision 2 to establish a priority allocation system for additional general fund revenues when a positive unrestricted budgetary general fund balance is forecasted at the close of the biennium.

Allocates revenues in priority order: cash flow account up to $350,000,000; budget reserve account up to two percent of general fund expenditures and transfers for the preceding biennium; school district aid payment schedule increases up to 90 percent; and restoration of net aid reductions and property tax revenue recognition shifts.

Directs the commissioner of finance to allocate 25 percent of remaining funds to the budget reserve account until it reaches five percent of general fund expenditures and transfers for the preceding biennium.

Requires the commissioner of finance to periodically review and annually update the budget reserve formula, conduct a methodology review every ten years, and report findings to legislative committees by January 15 each year.

Takes effect the day following final enactment.