Additional investment authority provided for qualifying local units of government.
Impact
If enacted, HF159 would impact Minnesota Statutes 2022, specifically section 118A.09, by allowing qualifying governments to allocate a portion of their funds into broader market index mutual funds. The legislation establishes parameters for how much of their financial reserves—up to 15% of total unassigned cash and other financial assets—can be directed towards these investments, thereby promoting better investment practices among local entities.
Summary
HF159 is a legislative bill aimed at enhancing the investment authority of qualifying local units of government in Minnesota. The bill specifically targets counties or cities with populations exceeding 100,000 or those with high bond ratings, granting them the ability to invest in United States-based index mutual funds. This is seen as a strategic move to diversify investment portfolios for local governments, potentially leading to increased fiscal stability and growth in community funds.
Contention
Despite its potential benefits, HF159 has sparked discussions about the risks associated with increased investment freedom for local governments. Critics argue that enabling local governments to engage more freely in financial markets could lead to losses or mismanagement of public funds. Proponents, however, contend that this legislative change is necessary to modernize investment strategies for local governments, reflecting a growing recognition of the need for innovative financial management in times of economic uncertainty.
Health occupations: health professionals; permanent revocation of license or registration if convicted of sexual conduct under pretext of medical treatment; provide for. Amends sec. 16226 of 1978 PA 368 (MCL 333.16226). TIE BAR WITH: HB 4121'23
Payment rates established for certain substance use disorder treatment services, and vendor eligibility recodified for payments from the behavioral health fund.