MN HF35

Amends Minnesota Statutes section 16A.103 to require state economic forecasts to include estimated inflation rates and account for expenditures projected to occur as a result of inflation.

Removes the existing prohibition that prevented expenditure estimates from including an allowance for inflation.

Requires the State Finance Commissioner to consult with chairs and lead minority members of the Senate State Government Finance Committee and House Ways and Means Committee, plus legislative fiscal staff, at least three weeks before releasing the forecast.

Mandates the Commissioner inform the legislative committees and fiscal staff of any changes in inflation rates and other forecast variables no later than two weeks before the forecast release.

Becomes effective the day following final enactment.