Skip to main content

GOP leaders expecting good budget news Wednesday

Minnesota's latest economic forecast will be released February 29. In December, the state had an $876 million surplus, but Management and Budget Commissioner Jim Schowalter told the Star Tribune "It’s going to be zero or a negative number because we have so many debts to repay that it is very, very unlikely that we will have a surplus.”
  • Author:
  • Updated:
    Original:

Minnesota's latest economic forecast will be released February 29. In December, the state had an $876 million surplus, but Management and Budget Commissioner Jim Schowalter told the Star Tribune "It’s going to be zero or a negative number because we have so many debts to repay that it is very, very unlikely that we will have a surplus.”

Next Up

fire truck

Explosion reported near Hastings; man airlifted to hospital

Authorities say the victim has serious injuries.

Screen Shot 2022-10-05 at 2.30.07 PM

School faces uncertain future after land sold to Catholic nonprofit

The school near Marine on St. Croix sits on land that's just been sold.

BikeCarSceneMpls

Boy suffers 'life-threatening' injuries in car-bike collision in Minneapolis

Police said the driver is cooperating with the investigation.

North Memorial Health Hospital

Man dies from gunshot wounds after Minneapolis shooting

The death marked the 69th homicide of the year in the city.

image

Gallery: Island cabin is one of northernmost homes for sale in MN

Want to buy one of the northernmost homes on the market in Minnesota?

Screen Shot 2022-09-30 at 4.54.42 PM

Charges: Houston men robbed Edina bank of $110,000

A third suspect has not yet been identified.

Arctic Monkeys

Arctic Monkeys coming to Minnesota for 2023 tour

The rock band hasn't gone on tour in the United States since 2019.

Related

State leaders scramble to respond to budget surprise

Forum Communications' Don Davis says Minnesota leaders were so shocked by the budget forecast that they didn't know how to respond. They planned, of course, to blame the other side for what they assumed would be another deficit. Now they're hastily rewriting their talking points. Both Dayton and legislative leaders say they'll allow the money to sit in the bank for now, which the law requires.

Senate GOP leaders release plan to phase out business property taxes

Republican leaders say the change would save Minnesota businesses $50 million the first year. That amount may well be added to the state budget deficit. The Senate GOP says the job creation would be worth it. DFL critics say there's no assurance that companies would used the money they save to create jobs.

Surprise budget surplus draws attention

State officials surprised everyone Thursday morning by announcing a $876 million budget surplus. Now, everyone from St. Cloud to Washington D.C. is chiming in on the situation.

Ron Paulites expected to rule Minnesota GOP convention

http://www.twincities.com/ci_20647891/ron-pauls-growing-influence-show-at-minnesota-republican

Strong tax collections in May puts Minnesota ahead of revenue projections

Management and Budget Commissioner James Schowalter says better-than-expected sales tax collections last month helped pad Minnesota's budget. Since February, tax revenues have surpassed estimates by $148 million. An economic update will be released next month and a new budget forecast will be issued in November.

Foreclosures are down in Minnesota, but the good news may not last

MPR reports one in every 336 homes was in default, repossession or scheduled for auction in the third quarter of this year. That could be a sign of more foreclosures to come.

Slow growth means Minnesota will likely face another budget deficit

The state's top economist says growth just isn't what it needs to be to keep the state in the black. The governor and the Legislature based their previous budget deal on growth of about 3.2 percent. Unfortunately, that's not what we're seeing, and that means Dayton and legislators will likely have to wrestle over another deficit soon.