Posts Tagged ‘budget surplus’

2018 February Forecast: Small Change from November

The 2018 February Budget and Economic Forecast released by Minnesota Management & Budget (MMB) today projects a $329 million surplus in the current fiscal year (FY) 2018-19 biennium, a slight reversal from the small deficit anticipated in the November 2017 forecast. However, after adjusting for the effects of inflation—which are largely omitted from the official…

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Are Large Cuts to the State Business Levy Affordable?

The series of tax changes enacted in 2001—which included the creation of a general state business property tax—have worked out well for businesses. The previous article in this series showed that if the changes that most directly pertain to businesses had never been enacted, statewide business property taxes would be 11.5 percent higher today, holding…

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February Forecast Surplus Could Be Illusory

The projected budget surplus for the upcoming FY 2018-19 biennium increased by $250 million to $1.65 billion, based on Minnesota Management & Budget’s (MMB) February forecast, released today. The surplus for FY 2020-21 biennium—the start of which is still 28 months away—increased by $684 million; however, inflation remains the 800-pound gorilla in the room, as…

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