Posts Tagged ‘budgetary balance’

October Update: We’ve Got Some Good News & Some Bad News

The October Revenue and Economic Update from Minnesota Management & Budget (MMB) contained some good news and some bad news. The good news is that fiscal year (FY) 2017 revenue collections surpassed July expectations. The bad news is that FY 2018 revenues continue to come in below levels anticipated in the February 2017 forecast and,…

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Tax Cut Driven Budget Problems Escalate in Future

The fiscal year (FY) 2018-19 state general fund budget surplus—projected to be $1.65 billion last February—could easily turn into a $104 million deficit after taking into account the tax cuts and other measures enacted earlier this year, as noted in the first part of this series. Because the revenue loss from many of these tax…

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Big Tax Cuts Jeopardize Fiscal Solvency

Going into 2017, Minnesota was looking at a large budget surplus for the upcoming biennium. By the time the dust had settled at the end of the 2017 special session, the surplus had been reduced by nearly ninety percent. After including the impact of lower than expected revenue collections and other factors, the surplus projected…

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