MN SF554

Amends Minnesota Statutes section 16A.103 to require state budget forecasts to estimate expenditures for obligations resulting from inflation and variables outside legislative control.

Removes the prohibition against including inflation allowances in expenditure estimates, allowing inflation to be factored into budget projections.

Requires the state commissioner to consult with senate State Government Finance Committee and house Ways and Means Committee chairs and lead minority members, plus legislative fiscal staff, at least three weeks before releasing forecasts.

Mandates the commissioner inform legislative leaders no later than two weeks before forecast release of any changes to inflation rates, debt service calculations, investment income, and other forecast variables from the previous forecast.