Bill > HF3177

This bill requires the state commissioner of Minnesota to prepare two specific financial forecasts related to state debt: a debt capacity forecast and a bonding bill forecast. The debt capacity forecast, which will continue to be prepared in February and November each year, will detail the state's indebtedness, including bonds, notes, and long-term general obligation debt. This forecast will show actual debt service amounts for the past two completed fiscal years and estimated amounts for the current and next six fiscal years, along with authorized but unissued debt and borrowing capacity. The new requirement is a bonding bill forecast, which will specify the maximum amount of state general obligation bonds that could be issued before the next November 1 while ensuring that debt service paid from the general fund does not exceed 2.5 percent of total nondedicated general fund revenues. Both forecasts will be delivered to the governor and legislature according to existing reporting guidelines. The bill becomes effective the day after final enactment, potentially providing state leaders with more detailed and forward-looking information about the state's debt and bonding capacity.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF3177&ssn=0&y=2025