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MN HF1236
Bill
Status
2/25/2015
Primary Sponsor
Ann Lenczewski
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AI Summary
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Increases the budget reserve account target from $810,992,000 to $994,339,000 when allocating positive unrestricted general fund balances.
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Changes the deadline for the commissioner of management and budget to report on budget reserve percentage from January 15 to August 31 of each year.
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Specifies that the budget reserve report must be sent to the senate Finance Committee, house Ways and Means Committee, and senate and house committees on taxes instead of all legislative committees with jurisdiction over the Department of Management and Budget.
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Requires the commissioner to develop and annually review a methodology for evaluating budget reserve adequacy based on volatility of Minnesota's general fund tax structure and relevant economic literature.
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Takes effect July 1, 2015.
Legislative Description
Buyback level for the budget reserve conformed with the most recent forecast, date of revenue reserve report changed, and members who receive the report changed.
Last Action
Introduction and first reading, referred to State Government Finance
2/25/2015