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 variables outside the control of the legislature. Expenditure estimates
1.11must 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.
S0046-1 1st EngrossmentSF46 REVISOR SGS
SENATE
STATE OF MINNESOTA
S.F. No. 46NINETY-THIRD SESSION
(SENATE AUTHORS: MARTY, Fateh, Rest, Dziedzic and Murphy)
OFFICIAL STATUSD-PGDATE
Introduction and first reading8201/05/2023
Referred to Finance
Comm report: To pass as amended01/17/2023
Rule 12.10: report of votes in committee
Second reading
Author added Murphy 2.1Committee, and legislative fiscal staff of any changes in these variables from the previous
2.2forecast.
2Sec. 2.
S0046-1 1st EngrossmentSF46 REVISOR SGS