SF2675 (Legislative Session 94 (2025-2026))
State forecast to account for the rate of inflation requirement elimination
Related bill: HF2790
AI Generated Summary
Purpose of the Bill
The bill aims to change how the state government of Minnesota forecasts its financial budget by removing the requirement to include inflation as a factor in estimating future expenditures.
Main Provisions
- Expenditure Calculations: The bill proposes that future state budget forecasts should not account for inflation when estimating government expenditures.
- Forecast Parameters: It requires that forecasts continue assuming current laws and reasonable growth predictions in both national and state economies, but explicitly excludes inflation from these calculations.
Significant Changes to Existing Law
- Removal of Inflation Consideration: The bill amends the existing law which currently considers inflation when making financial forecasts, meaning that future budget estimates will no longer reflect inflation-driven increases in costs.
Relevant Terms
- Inflation
- State forecast
- Budget calculations
- Expenditure estimates
- Economic growth forecasts
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 16, 2025 | Senate | Floor | Action | Introduction and first reading | |
| March 16, 2025 | Senate | Floor | Action | Referred to | Finance |
| March 19, 2025 | Senate | Floor | Action | Author added |
Citations
[
{
"analysis": {
"added": [],
"removed": [
"Requirement for state forecast to include an allowance for inflation."
],
"summary": "This bill amends the forecast parameters for state government financial forecasting under section 16A.103.",
"modified": []
},
"citation": "16A.103",
"subdivision": "subdivision 1a"
}
]