MN SF3908

Requires state agencies and local units of government to provide a summary financial plan when requesting state funds for guideway or busway projects, including capital expenditures, funding sources, and estimated annual operations and maintenance costs.

Prohibits submission of federal funding applications or agreements for guideway or busway capital projects unless requirements are met, including development of a financial plan and life cycle cost estimate.

Requires life cycle cost estimates to identify comprehensive construction and capital maintenance costs using a minimum 25-year analysis period or the facility's design life, developed using standard methodology and identified assumptions.

Mandates submission of the financial plan and life cycle cost estimate to the legislative auditor for review and comment before presenting to relevant legislative committees and the Legislative Commission on Metropolitan Government.

Exempts formula-based federal funding distributions that are not project-specific from these requirements.

Effective January 8, 2019, and applies only to Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington counties.