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S.F. No. 3418 - Metropolitan council finance modifications, First Engrossment
 
Author: Senator Roger C. Chamberlain
 
Prepared By: Priyanka Premo, Senate Counsel (651/296-3914)
 
Date: March 20, 2018



 

S.F. 3418 modifies regulations for the Metropolitan Council’s financing, budgeting, expenditures, and reporting. 

Section 1. Certain transit financial activity reporting. Changes the frequency of the legislative auditor's review of the Metropolitan Council’s transportation financial records from quarterly to two times per year. Effective the day after enactment.

Sec. 2. Metropolitan area transit account. Makes a conforming change. Effective the day after final enactment.

Sec. 3. Budget. Requires the transportation portion of the Metropolitan Council’s budget to cover a fiscal year that runs from July 1 to the following June 30 (which matches the state fiscal year), with each transportation budget to be finalized by June 15. The council’s budgeting in its other functional areas remains unchanged from a calendar year basis. The change goes into effect for a budget cycle beginning July 1, 2019.

Sec. 4.  Budget amendments. Directs the Metropolitan Council to notify the legislature when the council adopts amendments to its budgets, providing a summary of changes and a copy of the amended budget. Effective the day following final enactment.

Sec. 5. Accounts; accounting system; controls; audits. Requires the Metropolitan Council to use the state accounting system for its transportation-related financial activity. The change goes into effect for a budget cycle beginning July 1, 2019.

Sec. 6. Overview of revenues and expenditures; forecast. Requires the Metropolitan Council to develop a financial overview and forecast in conjunction with the state forecasts in November and February. Specifies financial overview content, including identification of actuals for the previous four years and anticipated financials for the forecast period. The council must review the information with the legislature within two weeks of each forecast. Effective the day following final enactment.

Sec. 7. Requirement. Makes conforming and clarifying changes. Effective the day following final enactment.

Sec. 8. Transportation policy plan. Expands the information required in the Metropolitan Council’s transportation policy plan, to include three scenarios on different levels of funding availability. Requires a plan for each scenario to identify long-term transit system impacts, including unfunded costs for each transit mode. Effective the day following final enactment.

 
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