HF1692

Purpose

• The bill aims to cancel a portion of an existing state appropriation for the Stone Arch Bridge project in the city of Minneapolis, by transferring the uncommitted funds to the general fund.

Main Provisions

• Section 1: Appropriation Cancellation for Stone Arch Bridge
  • The bill cancels the uncommitted balance of the appropriation for the Stone Arch Bridge in fiscal year 2024.
  • Source of the appropriation: Laws 2023, chapter 68, article 1, section 2, subdivision 2, paragraph e.
  • Amount canceled (uncommitted balance): estimated to be $19,337.
  • The canceled amount is transferred to the general fund.
  • Effective date: on the effective date of this section.

Effects and Significance

• Fiscal impact:
  • Reduces the available funds for the Stone Arch Bridge project by about $19,337.
  • Increases the general fund by the same amount.
• Legal effect:
  • Changes how the specified appropriation is accounted for by canceling the uncommitted balance rather than reallocating it to another project.
• Scope:
  • Applies only to the uncommitted balance of the specified Stone Arch Bridge appropriation for fiscal year 2024; does not repeal the entire appropriation or alter other funds.

Relevant Agency/Context

• The measure originated in a transportation-related budget context (Transportation Finance and Policy committee).

Relevant Terms - uncommitted balance - appropriation - cancellation - general fund - Stone Arch Bridge - Minneapolis - fiscal year 2024 - Laws 2023 - chapter 68 - article 1 - section 2 - subdivision 2 - paragraph e - transfer to general fund