MN HF54

Increases the budget reserve account target from $1,596,522,000 to $2,377,399,000 for allocation of positive unrestricted general fund balances.

Establishes a priority allocation order for surplus general fund revenues: cash flow account ($350,000,000), budget reserve account, school district aid payment schedules (up to 90 percent), restoration of net aid reductions, and Minnesota 21st century fund (up to $20,000,000 total).

Requires the commissioner of management and budget to allocate funds within two weeks of forecast release and certify reduction amounts to the commissioner of education.

Directs the commissioner of education to increase aid payment percentages and reduce property tax shift percentages based on certified amounts, applying changes to the current fiscal year and thereafter.