State Board of Investment; billing, expenses, and reporting practices modified.

2025-2026 Regular Session Introduced by Ginny Klevorn and 1 co-sponsor

The bill aims to make SBI billing, expense reporting, and transparency clearer and more standardized for state agencies and the public.

Introduction and first reading, referred to State Government Finance and Policy

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Purpose and Intent

HF 4367 seeks to modify the State Board of Investment’s (SBI) billing, expenses, and reporting practices. The bill appears designed to increase transparency around costs, clarify how expenses are billed to state stakeholders, and update reporting requirements related to SBI operations. The measure is sponsored by Reps. Ginny Klevorn and Jim Nash and was introduced and referred to the State Government Finance and Policy committee on March 16, 2026.

Key Provisions and Changes

Billing Practices

The bill proposes changes to how SBI bills for services or costs (e.g., administrative, management, or fiduciary services).
It may include requirements for itemized billing, standardized fee schedules, or caps/limits on certain charges.
The aim is to ensure clarity for state agencies, institutions, and other entities that rely on SBI services.

Expenses Reporting

The bill emphasizes reporting of expenses tied to SBI operations.
Likely mandates more detailed or frequent reporting to the legislature or designated state offices.
Could involve categories of expenses (administrative, investment-related, operating costs) and timeframes for reporting.

Transparency and Accountability

Enhanced transparency around SBI financial activities and funding streams.
Potential alignment with state financial reporting standards or public-access requirements.

Governance and Oversight

While the core focus is on billing and expenses/reporting, there may be ancillary adjustments to oversight mechanisms or clarifications of SBI’s financial governance.

Who/What Is Affected

State Board of Investment (SBI)

Primary entity impacted through changes to how it bills for services and reports expenses.

State Agencies and Institutions

Entities that receive SBI services or incur costs associated with SBI operations would be affected by the new billing methodologies and reporting requirements.

Public/Legislative Audiences

Greater visibility into SBI expenses and billing could affect lawmakers, state auditors, and the public.

Procedural and Timeline Aspects

Introduction and Referral

Introduced and first read on March 16, 2026, and referred to the State Government Finance and Policy committee.

Next Steps (Not Specified in Text)

Committee consideration, potential amendments, and a subsequent floor vote would determine whether the bill advances toward passage.

Notes for Readers

The available information summarizes what is stated in the bill’s title and action history. The exact textual provisions, definitions, and detailed requirements would be found in the bill’s enacted language as reported by the Minnesota Legislature’s official bill files. If you need, I can pull the specific sections (e.g., proposed amendments to Minnesota Statutes) and provide line-item detail.

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