Republican legislators and candidates have seized on the run of disappointing tax collection figures, saying it's a clear indication that the state is headed in the wrong direction.
Minnesota budget officials said Thursday morning that economic predictors suggest the state will have a $1.08 billion balance for the 2014-2015 fiscal year. The numbers won't be final until the February economic forecast.
Both the sales tax and the income tax pulled in more revenue that originally anticipated in the February forecast, with sales tax receipts coming in $46 million ahead of forecast and the income tax bringing in $27 million more that predicted, according to Minnesota Management and Budget (MMB). But the corporate tax collections were down by about $11 this quarter, and other revenues were $64 millio[...]
Minnesota Management and Budget (MMB) says August revenue collections were $26 million lower than forecast, which could be attributed to a one-day lag in the state's accounting system.
A Minnesota Management and Budget report released this week showed the state collected 2.7 percent more in revenue that originally anticipated during the 2013 fiscal year, bringing total collections for the year up to nearly $18 billion. Revenues in the months of April through June ticked up $318 higher than budget officials initially predicted.
That amounts to a $25.8 million increase in revenue for the May fiscal period, according to number released by Minnesota Management and Budget (MMB) on Monday. In addition, year-to-date revenues are now $324 million above February’s forecast.
**UPDATED**Minnesota's latest economic forecast predicts a $627 million deficit over the next two years, a more than $400 million improvement from the last forecast in November.
Many of the questions focused on the government shutdown last year, and whether steps should be taken to ensure state spending or programs continue in the event of a future impasse.
Some bills were only posted online in the early hours of Wednesday morning, just hours — or minutes — before they passed. By morning they were signed into law by the governor. Now some lobbyists, many of whom spend long days and nights at the Capitol during session, are scrambling to understand the budget bills’ implications for their clients.
As acrimony and posturing continue to dominate relations between DFL Gov. Mark Dayton and GOP legislative leaders, the countdown to a July 1 state government shutdown proceeds. Yet even as the zero hour draws closer, many basic questions — such as the scope of services to be shuttered and the likely public impact — remain mysteries that would ultimately be settled in a courtroom.
There's been a lot of talk around the Capitol this week about the $200 million in unobligated cash Republican leadership asked the Minnesota Managment and Budget (MMB) Office to cut from state government as part of their $1 billion budget-cutting bill. Numbers from MMB show the state has $194 million total in unobligated dollars.
Democratic Governor-elect Mark Dayton announced Thursday that Minnesota Management and Budget Deputy Commissioner Jim Schowalter will move up into the chief role under his administration.
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