The economic forecast released today shows a deficit for the remainder of fiscal year 2009 of $426 million. The state constitution requires a balanced budget, so lawmakers and Governor Pawlenty will start working to resolve the FY2008-2009 shortfall. The state does have a $155 million budget reserve to be used first.
As lawmakers return to St. Paul Jan. 6 for the 2009 legislative session, they will be charged with balancing the budget for the FY2010-11 biennium. Minnesota is facing a $4.847 billion deficit for the upcoming biennium.
You may find more information on the Minnesota Management & Budget Web site:
Forecast Summary
Complete Forecast
News Conference Hand-out
As a reminder, the response from DFL leaders will be webcast live at 2:00 p.m. today at www.senate.mn/media, and Gov. Pawlenty's response to the forecast that is currently taking place, will be available on by 4:30 p.m. at the same site.
Archives of the press conferences will be available at www.senate.mn/media.
Thursday, December 4, 2008
State economic forecast bleak
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