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