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MN HF4622
Bill
Status
3/24/2022
Primary Sponsor
Pat Garofalo
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AI Summary
HF 4622 Summary
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Adds definition of "transfer" to state finance law, meaning authorization to move state money between funds or accounts within the state treasury.
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Requires commissioner to prepare detailed general fund balance analysis by October 15 of each odd-numbered year and provide it to legislative committees and post on agency website.
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Increases cash flow account target from $350,000,000 to $600,000,000 and budget reserve account target from $2,377,399,000 to $3,155,745,000.
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Directs commissioner to increase cash flow account by $250,000,000 and budget reserve by $500,000,000 on July 1, 2022.
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Repeals Minnesota Statutes 2020, section 16A.98 (Tobacco Securitization Bonds) and removes reference to section 16A.98 in tobacco bonds statute.
Legislative Description
Budget reserve and cash flow account amount adjusted, obsolete forecast language eliminated, definitions added, budget reserve and cash flow account increased, and report required.
Last Action
Introduction and first reading, referred to State Government Finance and Elections
3/24/2022