One of the big three New York bond rating agencies has improved its outlook on the state of Minnesota’s fiscal condition. Moody’s Investors Service revised its view of Minnesota’s financial status to “stable” from “negative,” which had been its view of the state since August of 2001.
All of the state of Minnesota’s sources of revenue came in higher than forecast in the first quarter of the state’s 2013 fiscal year that began July 1.The overall $3.75 billion in revenue for the quarter was $41 million, or 4 percent more than forecast in February.
State tax collections saw an uptick in August. State finance officials reported today the total revenue haul for the month was $1.22 billion. That was $41 million, or 3.5 percent, more than predicted in February’s economic forecast.
Minnesota wound up with $355 million more at the end of the 2011 fiscal year than expected, according to a state economic update. Meanwhile, the state's economic consulting firm says the nation's economy is "dangerously close to stall speed."
The state of Minnesota is proceeding with plans to establish a $600 million line of credit to get through the cash-poor months ahead. And while Minnesota Management and Budget Department Commissioner Tom Hanson said on Tuesday that he doesn't want to call on the state's banker to get a short-term loan, he also conceded that his department might need to tap into the state's line of credit with U.S.[...]
A national group that once gave Minnesota low marks for its stimulus reporting efforts now considers the state among the best in the country.
Minnesota's general fund received $2.735 billion in revenue in the last two months of 2009, which was $1.5 million less than forecast, according to the January economic update from the Minnesota Department of Management and Budget.
Minnesota voters in 2008 agreed to increase the state sales tax to pay for the arts and outdoors projects. Now the Minnesota economy is having a say on how quickly the money flows into state coffers to pay for such things.
The Minnesota Management and Budget Department says the money will pay to replace the state’s 14-year-old accounting system and complete an integrated system to improve tax collections.
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