This bill amends Minnesota Statutes 2024, section 16A.105, to enhance the state's financial forecasting related to debt capacity and bonding. It introduces a new requirement for the commissioner to prepare a debt capacity forecast every February and November, which will be delivered to the governor and legislature. This forecast will detail the state's indebtedness for bonds and other long-term obligations, including historical and projected debt service amounts for the current and upcoming fiscal years, as well as the state's borrowing capacity. Additionally, the bill establishes a bonding bill forecast that mandates the commissioner to specify the maximum amount of state general obligation bonds that could be issued by November 1 each year. This forecast aims to ensure that the debt service paid by the general fund remains within 2.5 percent of total nondedicated general fund revenues. The new provisions are set to take effect the day following final enactment.

Statutes affected:
Introduction: 16A.105