Bill Text: MN HF3191 | 2013-2014 | 88th Legislature | Introduced
Bill Title: State forecast required to include the rate of inflation.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2014-03-19 - Introduction and first reading, referred to Ways and Means [HF3191 Detail]
Download: Minnesota-2013-HF3191-Introduced.html
1.2relating to state government; requiring the state forecast include the rate of
1.3inflation;amending Minnesota Statutes 2012, section 16A.103, subdivisions
1.41a, 1b.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, 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 variables outside the control of the
1.13legislature.Expenditure estimates must not include an allowance for inflation.
1.14 Sec. 2. Minnesota Statutes 2012, section 16A.103, subdivision 1b, is amended to read:
1.15 Subd. 1b. Forecast variable. In determining the rate of inflation, the application
1.16of inflation, the amount of state bonding as it affects debt service, the calculation of
1.17investment income, and the other variables to be included in the expenditure part of the
1.18forecast, the commissioner must consult with the chairs and lead minority members of the
1.19senate State Government Finance Committee and the house of representatives Ways and
1.20Means Committee, and legislative fiscal staff. This consultation must occur at least three
1.21weeks before the forecast is to be released. No later than two weeks prior to the release of
1.22the forecast, the commissioner must inform the chairs and lead minority members of the
1.23senate State Government Finance Committee and the house of representatives Ways and
2.1Means Committee, and legislative fiscal staff of any changes in these variables from the
2.2previous forecast.
1.3inflation;amending Minnesota Statutes 2012, section 16A.103, subdivisions
1.41a, 1b.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, 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 variables outside the control of the
1.13legislature.
1.14 Sec. 2. Minnesota Statutes 2012, section 16A.103, subdivision 1b, is amended to read:
1.15 Subd. 1b. Forecast variable. In determining the rate of inflation, the application
1.16of inflation, the amount of state bonding as it affects debt service, the calculation of
1.17investment income, and the other variables to be included in the expenditure part of the
1.18forecast, the commissioner must consult with the chairs and lead minority members of the
1.19senate State Government Finance Committee and the house of representatives Ways and
1.20Means Committee, and legislative fiscal staff. This consultation must occur at least three
1.21weeks before the forecast is to be released. No later than two weeks prior to the release of
1.22the forecast, the commissioner must inform the chairs and lead minority members of the
1.23senate State Government Finance Committee and the house of representatives Ways and
2.1Means Committee, and legislative fiscal staff of any changes in these variables from the
2.2previous forecast.
