Bill Text: MN HF2604 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Permissible fund transfer expanded.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-02-29 - Introduction and first reading, referred to Education Finance [HF2604 Detail]
Download: Minnesota-2011-HF2604-Introduced.html
1.2relating to education finance; expanding permissible fund transfers;amending
1.3Minnesota Statutes 2010, section 123B.79, subdivision 1; repealing Minnesota
1.4Statutes 2010, section 123B.79, subdivision 8.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 123B.79, subdivision 1, is amended to read:
1.7 Subdivision 1. Limitations. Except as provided in this subdivision, sections
1.8123B.51
,
123B.80 ,
475.61 , and
475.65 , a district may not (1) permanently transfer money
1.9from(1) an operating fund to a nonoperating fund; (2) a nonoperating fund to another
1.10nonoperating fund; or (3) a nonoperating fund to an operating fund the community
1.11education or food service funds or (2) transfer money received from federal funds granted
1.12for a particular purpose. A district may not permanently transfer funds that increase state
1.13aid obligations or result in additional property tax authority for the district. Permanent
1.14transfers may be made from any fund to any other fund to correct for prior fiscal years'
1.15errors discovered after the books have been closed for that year. Permanent transfers may
1.16be made from the general fund to any other operating funds according to section121A.19
1.17or if the resources of the other fund are not adequate to finance approved expenditures
1.18from that other fund. Permanent transfers may also be made from the general fund to
1.19eliminate deficits in another fund when that other fund is being discontinued. When a
1.20district discontinues operation of a district-owned bus fleet or a substantial portion of a
1.21fleet, the balance shall cancel to the district's general fund.
1.22 Sec. 2. REPEALER.
1.23Minnesota Statutes 2010, section 123B.79, subdivision 8, is repealed.
1.3Minnesota Statutes 2010, section 123B.79, subdivision 1; repealing Minnesota
1.4Statutes 2010, section 123B.79, subdivision 8.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 123B.79, subdivision 1, is amended to read:
1.7 Subdivision 1. Limitations. Except as provided in this subdivision, sections
1.9from
1.10
1.11education or food service funds or (2) transfer money received from federal funds granted
1.12for a particular purpose. A district may not permanently transfer funds that increase state
1.13aid obligations or result in additional property tax authority for the district. Permanent
1.14transfers may be made from any fund to any other fund to correct for prior fiscal years'
1.15errors discovered after the books have been closed for that year. Permanent transfers may
1.16be made from the general fund to any other operating funds according to section
1.17or if the resources of the other fund are not adequate to finance approved expenditures
1.18from that other fund. Permanent transfers may also be made from the general fund to
1.19eliminate deficits in another fund when that other fund is being discontinued. When a
1.20district discontinues operation of a district-owned bus fleet or a substantial portion of a
1.21fleet, the balance shall cancel to the district's general fund.
1.22 Sec. 2. REPEALER.
1.23Minnesota Statutes 2010, section 123B.79, subdivision 8, is repealed.
