Much has already been made of the $387 million asterisk in Gov. Tim Pawlenty's supplemental budget, which reflects nearly $400 million in extended federal stimulus dollars that Pawlenty is counting on to fill 30 percent of the state's $1.2 billion deficit for the remainder of the 2010-11 biennium. But it turns out the fine print includes another $120 million in one-time dollars.
Yesterday afternoon PIM spoke with Minnesota state economist Tom Stinson about the recently released July Economic Update [previous item]. The good news, he says, is that tax refunds and settle-up payments for 2008 are shaping up to be very near the predicted range.
But Stinson also notes that the outlook for FY2010-11 state revenues has grown [...]
According to the July 2009 Economic Update (PDF), Minnesota revenues for fiscal year 2009, which ended in June, were off $150 million (1 percent) from February’s revised forecast. The numbers would have been worse if not for business tax collections that exceeded February expectations by $53 million. Income tax receipts for FY09 were a [...]
When Gov. Tim Pawlenty announced his plan to balance the state budget through unilateral cuts applied under Minnesota’s emergency budget-cutting statute, the buzz about possible litigation was a leading source of speculation–and more than a few privately uttered threats–at the Capitol complex. But in the ensuing month-plus, all that talk has quietly but steadily fallen [...]
by Steve Perry
Published: June 26, 2009
Tags: Ann Lenczewski, Larry Pogemiller, Legislative Advisory Commission, Linda Berglin, Margaret Anderson Kelliher, Minnesota 2010-11 budget, Minnesota budget deficit, Tim Pawlenty, Tom Huntley, unallotment
The Legislative Advisory Commission may lack the power to change anything that Gov. Tim Pawlenty is proposing to do in cutting the Minnesota general fund budget, but that doesn’t mean it can’t leverage its "consultation" with the administration to the hilt.
The LAC is scheduled to meet again next Tuesday, and they have a few questions [...]
The likely impact of the fiscal hole left in Minnesota’s finances when Gov. Tim Pawlenty exits stage right a year and a half from now is so big it seems practically unfathomable from here. Around the Capitol, only fiscal staffers and a handful of legislators have really begun to reckon with it. But a little [...]
The likely impact of the fiscal hole left in Minnesota’s finances when Gov. Tim Pawlenty exits stage right a year and a half from now is so big it seems practically unfathomable from here. Around the Capitol, only fiscal staffers and a handful of legislators have really begun to reckon with it. But a little [...]
As states around the U.S. wrap up their budgeting for the fiscal year that starts on July 1, Abby Goodnough of the New York Times takes a summary look at some of the tax increases and–mostly–cuts they’ve applied.
As states around the U.S. wrap up their budgeting for the fiscal year that starts on July 1, Abby Goodnough of the New York Times takes a summary look at some of the tax increases and–mostly–cuts they’ve applied.
Ever since Gov. Tim Pawlenty put an abrupt and unprecedented end to a stalemated legislative session last month, there’s been a line of recrimination circulating around the Capitol that blames House leadership, and in particular Speaker Margaret Anderson Kelliher (DFL-Minneapolis), for sending all the spending bills to the governor’s desk early and putting Pawlenty in [...]
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