1.1 A bill for an act
1.2 relating to state government; requiring the state forecast include the rate of inflation;
1.3 amending Minnesota Statutes 2022, section 16A.103, subdivisions 1a, 1b.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2022, section 16A.103, subdivision 1a, is amended to read:
1.6 Subd. 1a.Forecast parameters.The forecast must assume the continuation of current
1.7laws and reasonable estimates of projected growth in the national and state economies and
1.8affected populations. Revenue must be estimated for all sources provided for in current law.
1.9Expenditures must be estimated for all obligations imposed by law and those projected to
1.10occur as a result of inflation and variables outside the control of the legislature. Expenditure
1.11estimates must not include an allowance for inflation.
1.12 Sec. 2. Minnesota Statutes 2022, section 16A.103, subdivision 1b, is amended to read:
1.13 Subd. 1b.Forecast variable.In determining the rate of inflation, the application of
1.14inflation, the amount of state bonding as it affects debt service, the calculation of investment
1.15income, and the other variables to be included in the expenditure part of the forecast, the
1.16commissioner must consult with the chairs and lead minority members of the senate State
1.17Government Finance Committee and the house of representatives Ways and Means
1.18Committee, and legislative fiscal staff. This consultation must occur at least three weeks
1.19before the forecast is to be released. No later than two weeks prior to the release of the
1.20forecast, the commissioner must inform the chairs and lead minority members of the senate
1.21State Government Finance Committee and the house of representatives Ways and Means
1Sec. 2.
REVISOR SGS H0035-1HF35 FIRST ENGROSSMENT
State of Minnesota
This Document can be made available
in alternative formats upon request
HOUSE OF REPRESENTATIVES
H. F. No. 35
NINETY-THIRD SESSION
Authored by Stephenson; Olson, L.; Klevorn; Elkins; Youakim and others01/04/2023
The bill was read for the first time and referred to the Committee on State and Local Government Finance and Policy
Adoption of Report: Re-referred to the Committee on Ways and Means01/09/2023
Adoption of Report: Placed on the General Register01/11/2023
Read for the Second Time
Calendar for the Day, Amended01/26/2023
Read Third Time as Amended 2.1Committee, and legislative fiscal staff of any changes in these variables from the previous
2.2forecast.
2.3 Sec. 3. EFFECTIVE DATE.
2.4 This act is effective the day following final enactment.
2Sec. 3.
REVISOR SGS H0035-1HF35 FIRST ENGROSSMENT