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Accounting technical change

Published (5/6/2011)
By Nick Busse
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A technical change would affect how Minnesota Management & Budget maintains the state’s various financial accounts.

Sponsored by Rep. Tim O'Driscoll (R-Sartell), HF1117 would allow the safety net provided by the Federal Deposit Insurance Corporation to count against requirements to insure state funds.

State law currently requires that financial institutions where the state deposits its funds must insure the total amount with corporate surety bonds. The bill would make it so they only have to insure any amount beyond what is already insured by the FDIC.

O’Driscoll said local governments already have the ability. MMB supports the change.

Passed 130-0 by the House May 2, it now goes to the Senate, where Sen. Ted Lillie (R-Lake Elmo) is the sponsor.

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