Bill > HF2720

This bill modifies the reporting date for the state's budget reserve percentage from September 30 to October 30 each year. Specifically, the bill amends Minnesota Statutes to require the commissioner of management and budget to continue developing and annually reviewing a methodology for evaluating the adequacy of the budget reserve, which takes into account the volatility of Minnesota's general fund tax structure. The commissioner will still be required to use this methodology to estimate the recommended budget reserve percentage for the current biennium's general fund nondedicated revenues. By October 30 each year, the commissioner must report this percentage to the chairs and ranking minority members of the Senate Finance Committee, House Ways and Means Committee, and the tax committees of both legislative bodies. The report must also include information about any changes to the methodology or tax structure that might have influenced the recommendation, providing transparency about how the budget reserve percentage is determined.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2720&ssn=0&y=2025