Bill Text: MN SF9 | 2011-2012 | 87th Legislature | Introduced
Bill Title: State budget forecast inflation factor inclusion requirement
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2011-01-18 - Author added Reinert [SF9 Detail]
Download: Minnesota-2011-SF9-Introduced.html
1.2relating to state finance; requiring the commissioner of management and budget
1.3to adjust for projected inflation in forecasting state expenditures;amending
1.4Minnesota Statutes 2010, section 16A.103, subdivisions 1a, 1b.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 16A.103, subdivision 1a, is amended to
1.7read:
1.8 Subd. 1a. Forecast parameters. The forecast must assume the continuation of
1.9current laws and reasonable estimates of projected growth in the national and state
1.10economies and affected populations. Revenue must be estimated for all sources provided
1.11for in current law. Expenditures must be estimated for all obligations imposed by law and
1.12those projected to occur as a result of inflation and other variables outside the control of
1.13the legislature.Expenditure estimates must not include an allowance for inflation. A
1.14general inflation estimate must not include inflation on debt service or on programs for
1.15which a statutory growth factor is already included in the forecast.
1.16EFFECTIVE DATE.This section is effective the day following final enactment.
1.17 Sec. 2. Minnesota Statutes 2010, section 16A.103, subdivision 1b, is amended to read:
1.18 Subd. 1b. Forecast variable. In determining the rate of inflation, the application
1.19of inflation, the amount of state bonding as it affects debt service, the calculation of
1.20investment income, and the other variables to be included in the expenditure part of the
1.21forecast, the commissioner must consult with the chairs and lead minority members of the
1.22senateState Government Finance Committee and the house of representatives Ways and
1.23Means Committee, and legislative fiscal staff. This consultation must occur at least three
2.1weeks before the forecast is to be released. No later than two weeks prior to the release of
2.2the forecast, the commissioner must inform the chairs and lead minority members of the
2.3senateState Government Finance Committee and the house of representatives Ways and
2.4Means Committee, and legislative fiscal staff of any changes in these variables from the
2.5previous forecast.
2.6EFFECTIVE DATE.This section is effective the day following final enactment.
1.3to adjust for projected inflation in forecasting state expenditures;amending
1.4Minnesota Statutes 2010, section 16A.103, subdivisions 1a, 1b.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 16A.103, subdivision 1a, is amended to
1.7read:
1.8 Subd. 1a. Forecast parameters. The forecast must assume the continuation of
1.9current laws and reasonable estimates of projected growth in the national and state
1.10economies and affected populations. Revenue must be estimated for all sources provided
1.11for in current law. Expenditures must be estimated for all obligations imposed by law and
1.12those projected to occur as a result of inflation and other variables outside the control of
1.13the legislature.
1.14general inflation estimate must not include inflation on debt service or on programs for
1.15which a statutory growth factor is already included in the forecast.
1.16EFFECTIVE DATE.This section is effective the day following final enactment.
1.17 Sec. 2. Minnesota Statutes 2010, section 16A.103, subdivision 1b, is amended to read:
1.18 Subd. 1b. Forecast variable. In determining the rate of inflation, the application
1.19of inflation, the amount of state bonding as it affects debt service, the calculation of
1.20investment income, and the other variables to be included in the expenditure part of the
1.21forecast, the commissioner must consult with the chairs and lead minority members of the
1.22senate
1.23Means Committee, and legislative fiscal staff. This consultation must occur at least three
2.1weeks before the forecast is to be released. No later than two weeks prior to the release of
2.2the forecast, the commissioner must inform the chairs and lead minority members of the
2.3senate
2.4Means Committee, and legislative fiscal staff of any changes in these variables from the
2.5previous forecast.
2.6EFFECTIVE DATE.This section is effective the day following final enactment.
