Minnesota Statutes Administration and Finance (Ch. 16A-16E) § 16A.53. Bookkeeping accounts

Subdivision 1. Funds and accounts created by law. When a law creates a fund or account in the treasury into which are deposited certain revenues and out of which certain expenditures are appropriated, the commissioner may consider the creation of the fund or account as the creation of a bookkeeping account in the state's accounting system so as to reflect the revenues deposited in the treasury and credited to the bookkeeping account and the expenditures appropriated from the treasury and charged to the bookkeeping account. The commissioner must organize these bookkeeping accounts into funds in accordance with generally accepted accounting principles.

Subd. 2. Exception.Subdivision 1 does not apply to a fund created by the constitution or to a fund required to be created in the treasury by federal law.

Subd. 4. Report. Each agency that manages accounts within a fund must report at least annually to the appropriate finance committees of the legislature on the number, purpose, and recent financial activity in those accounts. The commissioner must establish uniform criteria and timing for the reports.