Minnesota HF2418 requires local governments to establish replacement accounts for capital projects funded by state money.

Minnesota HF2418 mandates that local governments establish capital project replacement accounts for major rehabilitation, expansion, replacement, or preservation of capital projects funded by state money. The commissioner of administration must determine annual minimum deposit amounts for these accounts, considering factors like depreciation and inflation. Grantees must adopt a replacement policy specifying risks, intended uses, and criteria for fund use. The state auditor may audit these accounts as part of regular local government audits.

Minnesota HF2418 requires local governments to establish replacement accounts for capital projects funded by state money.

Minnesota HF2418 mandates that local governments establish capital project replacement accounts for major rehabilitation, expansion, replacement, or preservation of capital projects funded by state money. The commissioner of administration must determine annual minimum deposit amounts for these accounts, considering factors like depreciation and inflation. Grantees must adopt a replacement policy specifying risks, intended uses, and criteria for fund use. The state auditor may audit these accounts as part of regular local government audits.