The May budget projection will guide the decisions that policymakers make in the remaining weeks of the legislative session, and the months beyond. They remind us of how many of our neighbors are struggling, and the importance of taking swift action to reduce the hardships that Minnesotans and their families are facing as a result of the pandemic, and to start building for the economic recovery.
Tag: Minnesota budget
April economic changes bring May budget projections
The novel coronavirus pandemic is having a significant effect on Minnesotans’ physical and mental health of Minnesotans. Unprecedented businesses closures… Continue reading April economic changes bring May budget projections
Minnesota’s April economic update
It’s a bigger deal than usual, but doesn’t yet have all the answers: The April Revenue and Economic Update is a first look at the economic and fiscal impacts of the coronavirus crisis in Minnesota. The quarterly report from Minnesota Management and Budget (MMB) shows that state revenues have dropped considerably and the national economy has likely fallen into recession.
A look at the first federal policy steps to combat coronavirus, address economic impact
The federal government has begun to respond to the coronavirus with legislation over the past few weeks. The first was… Continue reading A look at the first federal policy steps to combat coronavirus, address economic impact
Policymakers must act to prevent economic hardship, deep recession
The corona virus is creating a public health emergency and economic disruption. Policymakers should act to alleviate financial hardship and reduce the threat of a deep recession.
Caution, savings in Governor Walz’s proposed budget
Governor Tim Walz’s FY 2020-21 supplemental budget proposal released today focuses on passing a significant capital investment or bonding package and making small,… Continue reading Caution, savings in Governor Walz’s proposed budget
Positive budget surplus is coupled with caution
Minnesota’s positive budget balance coupled with continued modest economic growth give us short-term good news, however it also gives reasons for caution, with only a small structural balance in the next budget cycle before accounting for inflation and slowing economic growth in the future.
Legislative Budget Office will make its debut in upcoming session
The 2020 Legislative Session will involve a new player: the Legislative Budget Office, or LBO. The LBO will be responsible for producing fiscal notes, working in concert with state agencies to estimate the fiscal impact of proposed legislation
January economic outlook is brighter
January’s Economic Update brought us good short-term news: revenues are up, and the economy is growing at a good pace for now. However, with slower economic growth and potential for a recession on the horizon, policymakers should prioritize a strong budget reserve to be able to meet Minnesotans’ needs in future tough times.
Minnesota’s November budget forecast offers some near-term good news, while pointing to the need for sustained revenues for investments
Minnesota’s budget reserve is strengthened and the state’s budget outlook gives us short-term good news, according to today’s release of the November Budget and Economic Forecast by Minnesota Management and Budget.