| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to state government; changing the date of the report on the budget reserve |
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| 3 | 3 | | 1.3 percentage; amending Minnesota Statutes 2024, section 16A.152, subdivision 8. |
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| 4 | 4 | | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 5 | 5 | | 1.5 Section 1. Minnesota Statutes 2024, section 16A.152, subdivision 8, is amended to read: |
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| 6 | 6 | | 1.6 Subd. 8.Report on budget reserve percentage.(a) The commissioner of management |
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| 7 | 7 | | 1.7and budget shall develop and annually review a methodology for evaluating the adequacy |
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| 8 | 8 | | 1.8of the budget reserve based on the volatility of Minnesota's general fund tax structure. The |
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| 9 | 9 | | 1.9review must take into consideration relevant statistical and economic literature. After |
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| 10 | 10 | | 1.10completing the review, the commissioner may revise the methodology if necessary. The |
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| 11 | 11 | | 1.11commissioner must use the methodology to annually estimate the percentage of the current |
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| 12 | 12 | | 1.12biennium's general fund nondedicated revenues recommended as a budget reserve. |
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| 13 | 13 | | 1.13 (b) By September October 30 of each year, the commissioner shall report the percentage |
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| 14 | 14 | | 1.14of the current biennium's general fund nondedicated revenue that is recommended as a |
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| 15 | 15 | | 1.15budget reserve to the chairs and ranking minority members of the senate Committee on |
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| 16 | 16 | | 1.16Finance, the house of representatives Committee on Ways and Means, and the senate and |
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| 17 | 17 | | 1.17house of representatives Committees on Taxes. The report must also specify: |
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| 18 | 18 | | 1.18 (1) whether the commissioner revised the recommendation as a result of significant |
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| 19 | 19 | | 1.19changes in the mix of general fund taxes or the base of one or more general fund taxes; |
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| 20 | 20 | | 1.20 (2) whether the commissioner revised the recommendation as a result of a revision to |
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| 21 | 21 | | 1.21the methodology; and |
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| 22 | 22 | | 1.22 (3) any additional appropriate information. |
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| 23 | 23 | | 1Section 1. |
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| 24 | 24 | | 25-00376 as introduced01/10/25 REVISOR EB/EN |
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| 25 | 25 | | SENATE |
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| 26 | 26 | | STATE OF MINNESOTA |
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| 27 | 27 | | S.F. No. 2851NINETY-FOURTH SESSION |
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| 28 | 28 | | (SENATE AUTHORS: XIONG) |
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| 29 | 29 | | OFFICIAL STATUSD-PGDATE |
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| 30 | 30 | | Introduction and first reading03/20/2025 |
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| 31 | 31 | | Referred to State and Local Government |
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