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HF2720 (Legislative Session 94 (2025-2026))

Budget reserve percentage reporting date modified.

Related bill: SF2851

AI Generated Summary

Purpose of the Bill

The bill aims to adjust the timing of the annual report on Minnesota's budget reserve percentage, which is an essential part of state financial planning. This report assesses the adequacy of the budget reserve, given the state's tax revenue volatility.

Main Provisions

  • Date Change for Reporting: The bill changes the due date for the annual budget reserve report from September 30 to October 30 each year.
  • Report Details: The report will still include the recommended budget reserve percentage of the current biennium's general fund nondedicated revenues. It should take into account changes in the general fund tax structure or updates to the methodology for calculating the reserve.
  • Responsible Parties: The commissioner of management and budget is required to submit this report to various legislative committees, including the Senate Committee on Finance and the House of Representatives Committee on Ways and Means, among others.

Significant Changes to Existing Law

  • The bill amends the due date for the annual report on the budget reserve from September 30 to October 30, allowing additional time for assessing relevant economic indicators and providing a more updated outlook on the state's financial reserves.

Relevant Terms

  • Budget reserve
  • General fund
  • Commissioner of management and budget
  • Biennium
  • Nondedicated revenues
  • Financial planning

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 23, 2025HouseFloorActionIntroduction and first reading, referred toState Government Finance and Policy

Citations

 
[
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This bill changes the date of the report on the budget reserve percentage under section 16A.152, subdivision 8.",
      "modified": [
        "Changes report due date for budget reserve percentage from September 30 to October 30."
      ]
    },
    "citation": "16A.152",
    "subdivision": "subdivision 8"
  }
]

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