News Releases

020236News Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374February Budget and Economic Forecast040 February Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-728094" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2026-02-27T15:30:00ZThe MMB February forecast projects a $3.7 billion balance at the end of the FY26–27 biennium, $1.3 billion higher than November estimates, with a projected $377 million balance in FY28–29 amid an ongoing structural imbalance.1059<h2 xmlns="http://www.w3.org/1999/xhtml">Summary</h2> Minnesota’s budget outlook has improved amid significant near-term economic and fiscal uncertainty. The FY 2026-27 projected balance is now $3.7 billion, $1.3 billion higher than November estimates. A slightly improved economic outlook drives a higher revenue forecast largely driven by more volatile sources of revenue. Spending growth outpaces revenue growth through projections for FY 2029. The projected general fund balance for the FY 2028-29 biennium is now $377 million, however a significant structural imbalance remains. Shifting policies at the federal level and missing or incomplete data due to recent federal government shutdowns introduce significant uncertainty to the projections. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/">Current Operating Budget Webpage</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2026/budget-and-economic-forecast/february.pdf">February 2026 Budget and Economic Forecast (PDF)</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2026/budget-and-economic-forecast/february-presentation.pdf">February 2026 Budget and Economic Forecast Presentation (PDF)</a></li> </ul> Accessibility To request a reasonable accommodation and/or alternative format of documents provided on this page, contact Minnesota Management and Budget at 651-201-8000 or <a href="mailto:accessibility.mmb@state.mn.us">accessibility.mmb@state.mn.us</a>.7280942026-02-27T18:00:28ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374January Monthly Revenue Review020 January Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-724415" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2026-02-10T17:53:09ZNet general fund revenues totaled $3.6 billion in January, $513 million (16.7%) above forecast. Net receipts from individual income tax, corporate franchise tax, and other revenues were above forecast, and general sales and use taxes slightly below. FY 2026 year-to-date receipts total $19.4 billion, $558 million (3.1%) above forecast.1059Net general fund revenues totaled $3.6 billion in January, $513 million (16.7%) above forecast. Net receipts from individual income tax, corporate franchise tax, and other revenues were above forecast, and general sales and use taxes slightly below. FY 2026 year-to-date receipts total $19.4 billion, $558 million (3.1%) above forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2026/monthly-revenue-review/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.7244152026-02-10T17:58:30ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases2233742026 Proposed Capital Budget Plan020 2026 Proposed Capital Budget Plan<custom:Link urlOnly="true" type="Component" destination="tcm:1059-724573" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2026-01-15T22:15:00ZGovernor Tim Walz’s 2026 Infrastructure Plan includes $907 million in investments to support the public safety, clean water, transportation, and housing infrastructure Minnesotans rely on.1059Governor Tim Walz’s 2026 Infrastructure Plan includes $907 million in investments to support the public safety, clean water, transportation, and housing infrastructure Minnesotans rely on. <a href="https://mn.gov/mmb/budget/capital-budget/current/" class="button-brand-primary">Visit our Current Capital Budget webpage for more information</a>7245732026-02-10T22:18:09ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374January Revenue and Economic Update010 January Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-719357" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2026-01-12T22:15:00ZNet general fund receipts for November and December 2025 now estimated to total $5.6 billion, $65 million (1.2%) more than forecast in November. Both net individual tax and sales tax receipts were slightly above the forecast, while net corporate franchise tax receipts were slightly below. Other revenues were above forecast. 1059Net general fund receipts for November and December 2025 now estimated to total $5.6 billion, $65 million (1.2%) more than forecast in November. Both net individual tax and sales tax receipts were slightly above the forecast, while net corporate franchise tax receipts were slightly below. Other revenues were above forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2026/revenue-and-economic-update/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.7193572026-01-12T22:15:29ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374November Monthly Revenue Review26 November Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-715928" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-12-10T21:45:00ZNet general fund revenues totaled $2.1 billion in November, $35 million (1.7%) more than forecast. Individual income tax, corporate franchise tax, and other revenues were all at or above forecast, while general sales tax revenues were slightly below. For fiscal year 2026, year-to-date receipts are now $12.4 billion.1059Net general fund revenues totaled $2.1 billion in November, $35 million (1.7%) more than forecast. Individual income tax, corporate franchise tax, and other revenues were all at or above forecast, while general sales tax revenues were slightly below. For fiscal year 2026, year-to-date receipts are now $12.4 billion. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/monthly-revenue-review/november.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.7159282025-12-10T22:05:06ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374November Budget and Economic Forecast25 November Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-715217" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-12-04T15:10:49ZThe November forecast projects a $2.465 billion surplus this biennium, but rising costs and slower growth result in a projected $2.960 billion structural imbalance in FY 2028-29. 1059<h2 xmlns="http://www.w3.org/1999/xhtml">Summary</h2> Minnesota’s budget and economic outlook remains stable in the current biennium; however, structural budget challenges remain. A better-than-expected fiscal year close and higher near-term revenue collections, partially offset by increased spending estimates, result in a projected surplus of $2.465 billion in the current biennium. Higher health care costs and slow economic growth drive an increased structural imbalance in the FY 2028-29 planning estimates where the balance is now projected to be negative $2.960 billion. Total general fund reserves remain strong and at their statutory target of $3.771 billion. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/">Current Operating Budget Webpage</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/budget-and-economic-forecast/november.pdf">November 2025 Budget and Economic Forecast (PDF)</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/budget-and-economic-forecast/november-2025-forecast-presentation.pdf">November 2025 Budget and Economic Forecast Presentation (PDF)</a></li> </ul> Accessibility To request a reasonable accommodation and/or alternative format of documents provided on this page, contact Minnesota Management and Budget at 651-201-8000 or <a href="mailto:accessibility.mmb@state.mn.us">accessibility.mmb@state.mn.us</a>.7152172025-12-04T17:30:05ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October Monthly Revenue Review24 October Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-712456" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-11-10T22:18:02ZNet general fund revenues were $2.534 billion in October, $26 million (1.0%) below forecast. Individual and corporate franchise taxes were below forecast, with general sales taxes and other revenues above.1059Net general fund revenues were $2.534 billion in October, $26 million (1.0%) below forecast. Individual and corporate franchise taxes were below forecast, with general sales taxes and other revenues above. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/monthly-revenue-review/october.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.7124562025-11-10T22:30:08ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>Enacted State Budget Now Online23 Enacted State Budget Now Online<custom:Link urlOnly="true" type="Component" destination="tcm:1059-711463" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-11-03T17:10:16ZIn keeping with MMB’s commitment to transparent government, the state’s Fiscal Years 2025-2027 enacted operating budget and Fiscal Year 2025 capital budget are now online, complete with interactive tools you can use to filter and analyze the data and changes over time.1059In keeping with MMB’s commitment to transparent government, the state’s Fiscal Years 2025-2027 enacted operating budget and Fiscal Year 2025 capital budget are now online, complete with interactive tools you can use to filter and analyze the data and changes over time. <ul type="disc" xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current-enacted-budget/">Go to the enacted operating budget information</a></li> <li><a href="https://mn.gov/mmb/budget/capital-budget/2025-enacted-capital-budget.jsp">Go to the enacted capital budget information</a></li> </ul>7114632025-11-03T17:14:47ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>Budget Reserve Report22 Budget Reserve Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-711185" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-10-30T19:41:07ZTo adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 5.2 percent of the current biennium’s general fund non-dedicated revenues, or a $3.347 billion budget reserve for the 2026-27 biennium.1059<h2 xmlns="http://www.w3.org/1999/xhtml">Budget Reserve Recommendation</h2> To adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 5.2 percent of the current biennium’s general fund non-dedicated revenues, or a $3.347 billion budget reserve for the 2026-27 biennium. <a href="https://mn.gov/mmb-stat/000/az/forecast/budget-reserve/report-2025.pdf">Read Complete Budget Reserve Report (including table data)</a>7111852025-10-30T20:40:47ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374FY 2024-25 Biennium Close Adds $941 Million to Current Biennium20 FY 2024-25 Biennium Close Adds $941 Million to Current Biennium<custom:Link urlOnly="true" type="Component" destination="tcm:1059-709787" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-10-15T20:49:01ZThe FY 2024-25 biennium ended with a general fund balance $941 million higher than estimated at the end of the 2025 special legislative session in June. 1059The FY 2024-25 biennium ended with a general fund balance $941 million higher than estimated at the end of the 2025 special legislative session in June. Final revenue, including taxes, other revenue, and accounting adjustments from prior fiscal years, for the biennium closed $1.313 billion (2.1 percent) higher than estimates. General fund spending for the closed biennium, after reporting adjustments, was $364 million (0.5 percent) higher than prior estimates. <a href="https://mn.gov/mmb-stat/documents/budget/operating-budget/actual25/close25-fy2024-2025-biennium-budget-close-report.pdf" target="_blank" class="button-brand-primary">Access the full FY 2025-25 Biennium Budget Close Report</a>7097872025-10-15T20:53:07ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October Revenue and Economic Update190 October Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-709162" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-10-10T19:43:44ZNet general fund receipts for the first quarter of FY 2026 total an estimated $7.7 billion, $90 million (1.2 %) less than forecast in February. Net receipts for individual income tax, sales tax, and other revenues were above forecast while corporate franchise tax revenues were below. 1059Net general fund receipts for the first quarter of FY 2026 total an estimated $7.7 billion, $90 million (1.2 %) less than forecast in February. Net receipts for individual income tax, sales tax, and other revenues were above forecast while corporate franchise tax revenues were below. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/revenue-and-economic-update/october.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.7091622025-10-10T20:45:07ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Minnesota Bonds Rated AAA180 Minnesota Bonds Rated AAA<custom:Link urlOnly="true" type="Component" destination="tcm:1059-705813" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-09-15T20:26:19ZFor the fourth year in a row, all three major rating agencies give Minnesota bonds top marks, underscoring strong confidence in the state’s fiscal management, stable outlook, and responsible budgeting practices.1059For the fourth year in a row, all three major rating agencies give Minnesota bonds top marks, underscoring strong confidence in the state’s fiscal management, stable outlook, and responsible budgeting practices. <a href="https://mn.gov/governor/newsroom/press-releases/#/detail/appId/1/id/705803" target="_blank" class="button-brand-primary">Read the full press release</a>7058132025-09-15T20:29:10ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374August Monthly Revenue Review170 August Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-705109" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-09-10T17:01:48ZNet general fund revenues were $2.1 billion in August, $86 million (4.2%) above forecast. Individual income tax revenues were above forecast due mainly to higher than forecast withholding. Fiscal year-to-date receipts are now $4.3 billion, $22 million (0.5%) above forecast.1059Net general fund revenues were $2.1 billion in August, $86 million (4.2%) above forecast. Individual income tax revenues were above forecast due mainly to higher than forecast withholding. Fiscal year-to-date receipts are now $4.3 billion, $22 million (0.5%) above forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/monthly-revenue-review/august.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.7051092025-09-10T18:28:51ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Priscilla Stallings Selected for Prestigious Fellowship160 Priscilla Stallings Selected for Prestigious Fellowship<custom:Link urlOnly="true" type="Component" destination="tcm:1059-701633" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-08-12T13:42:00ZThe Council of State Governments has named MMB Assistant Commissioner and Chief Inclusion Officer Priscilla Stallings to the 2025 class of the CSG Henry Toll Fellowship, the nation’s premier leadership development program for state government officials. 1059The Council of State Governments has named MMB Assistant Commissioner and Chief Inclusion Officer Priscilla Stallings to the 2025 class of the CSG Henry Toll Fellowship, the nation’s premier leadership development program for state government officials. “The challenges facing today's state leaders are daunting and the pace of change is accelerating,” said Council of State Governments Executive Director/CEO David Adkins. “Now, more than ever, our nation needs state leaders who know how to bring people together to get stuff done. The CSG Toll Fellows are among our nation's best leaders. I hope this program helps empower them to deliver results for the citizens they serve.” Stallings leads the state’s Office of Inclusion, overseeing strategies to promote inclusive policies and practices and to support teams through organizational and cultural change to foster a workplace where every employee feels valued and can thrive. “I’m honored to be selected for the fellowship program,” Stallings said. “It’s chance to interact with government leaders from across the nation and to gain information and skills I can put to use in my role as the chief inclusion officer.” Toll Fellows are selected through a competitive process led by program alumni, with nominations submitted by peers. Those selected participate in “graduate-level” programming that builds on CSG regional leadership development efforts. Program sessions equip Toll Fellows to communicate, collaborate and lead more effectively — while fostering lasting, nonpartisan relationships.7016332025-08-12T13:43:15ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374July Monthly Revenue Review150 July Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-701512" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-08-11T15:14:06ZNet general fund revenues totaled $2.2 billion in July, $62 million (2.8%) under forecast. Net individual receipts and corporate income tax receipts were lower than forecast, while net sales tax receipts and other revenues were slightly higher. 1059Net general fund revenues totaled $2.2 billion in July, $62 million (2.8%) under forecast. Net individual receipts and corporate income tax receipts were lower than forecast, while net sales tax receipts and other revenues were slightly higher. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/monthly-revenue-review/july.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.7015122025-08-11T16:45:41ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374MN Taxpayer Receipt140 MN Taxpayer Receipt<custom:Link urlOnly="true" type="Component" destination="tcm:1059-700071" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-07-30T16:09:00ZEver wonder how your tax dollars are being spent? Find out using MMB’s Taxpayer Receipt calculator.1059Ever wonder how your tax dollars are being spent? Find out using MMB’s <a href="https://taxpayerreceipt.mmb.mn.gov/">Taxpayer Receipt calculator</a>.7000712025-07-30T16:10:09ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374July Revenue and Economic Update130 July Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-696803" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-07-10T19:09:00ZMinnesota’s net general fund revenues for fiscal year (FY) 2025 are now estimated to total $31.9 billion, $847 million (2.7%) more than projected in the February forecast. Net income tax was above forecast while net corporate tax, sales tax, and other revenues were below. Fourth quarter general fund revenues were $603 million (6.8 %) more than forecast.1059Minnesota’s net general fund revenues for fiscal year (FY) 2025 are now estimated to total $31.9 billion, $847 million (2.7%) more than projected in the February forecast. Net income tax was above forecast while net corporate tax, sales tax, and other revenues were below. Fourth quarter general fund revenues were $603 million (6.8 %) more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/revenue-and-economic-update/july.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6968032025-07-10T19:16:18ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374May Monthly Revenue Review120 May Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-693101" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-06-10T18:32:47ZNet general fund revenues totaled $2.1 billion in May, $23 million (1.1%) more than forecast. Net receipts from individual income and corporate franchise taxes were higher than forecast while net sales tax and other revenues were lower. Fiscal Year 2025 year-to-date receipts total $28.5 billion, $658 million (2.4%) above forecast. 1059Net general fund revenues totaled $2.1 billion in May, $23 million (1.1%) more than forecast. Net receipts from individual income and corporate franchise taxes were higher than forecast while net sales tax and other revenues were lower. Fiscal Year 2025 year-to-date receipts total $28.5 billion, $658 million (2.4 %) above forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/monthly-revenue-review/may.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6931012025-06-10T19:17:37ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Federal Fund Tracking Dashboard Expanded090 Federal Fund Tracking Dashboard Expanded<custom:Link urlOnly="true" type="Component" destination="tcm:1059-678152" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-05-23T15:32:33ZThe dashboard was recently expanded to track canceled federal funds made accessible due to court orders as well as funds that are experiencing temporary disruptions or permanent cancellations.1059MMB’s federal funds implementation team monitors changes at the federal level that impact funding in Minnesota and reports them on an <a href="https://mn.gov/mmb/budget/federal-investments/data-and-reporting/">easy-to-use dashboard</a>. Federal funding streams are vital to maintaining a wide range of programs and services that people throughout Minnesota depend on. The dashboard was recently expanded to track canceled federal funds made accessible due to court orders as well as funds that are experiencing temporary disruptions or permanent cancellations.6781522025-05-23T15:34:29ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374April Monthly Revenue Review110 April Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-683608" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-05-12T17:36:11ZNet general fund revenues totaled $3.815 billion for the month of April, $391 million (11.4%) above forecast. Net receipts from individual income tax were above forecast and net sales, corporate franchise tax and other revenues were below. For fiscal year 2025, year-to-date receipts are now $26.370 billion.1059Net general fund revenues totaled $3.815 billion for the month of April, $391 million (11.4%) above forecast. Net receipts from individual income tax were above forecast and net sales, corporate franchise tax and other revenues were below. For fiscal year 2025, year-to-date receipts are now $26.370 billion. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/monthly-revenue-review/april.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6836082025-05-12T17:45:44ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374April Revenue and Economic Update100 April Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-678592" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-04-10T21:54:02ZMinnesota’s net general fund receipts for February and March total an estimated $3.7 billion, $244 million (7%) more than forecast. Net individual income tax receipts were above forecast and net corporate franchise tax and sales tax slightly below. Other revenues were slightly above forecast.1059Minnesota’s net general fund receipts for February and March total an estimated $3.7 billion, $244 million (7%) more than forecast. Net individual income tax receipts were above forecast and net corporate franchise tax and sales tax slightly below. Other revenues were slightly above forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/revenue-and-economic-update/april.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6785922025-04-10T21:59:43ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Revised Budget Recommendations080 Revised Budget Recommendations<custom:Link urlOnly="true" type="Component" destination="tcm:1059-673793" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-03-21T16:00:00ZOn March 21, Governor Tim Walz released his revised budget for the next biennium. The revised budget includes just under $250 million in additional ongoing reductions in FY 28-29 paired with small, primarily one-time investments in critical work, including funding to respond to Avian Influenza and law enforcement training. 1059On March 21, Governor Tim Walz released his revised budget for the next biennium. The revised budget includes just under $250 million in additional ongoing reductions in FY 28-29 paired with small, primarily one-time investments in critical work, including funding to respond to Avian Influenza and law enforcement training. Find out more on the <a href="https://mn.gov/mmb/budget/current-budget/governors-budget-recommendations/" target="_blank">Governor's Budget Recommendations webpage</a>.6737932025-03-21T16:22:29ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374February Monthly Revenue Review070 February Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-672068" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-03-10T20:37:41ZNet general fund revenues totaled $1.3 billion for the month of February, $116 million (10.0%) above forecast. Net receipts from individual income, corporate franchise, and other taxes were above forecast, and net sales tax revenues were below. For fiscal year 2025, year-to-date receipts are now $20.1 billion. 1059Net general fund revenues totaled $1.3 billion for the month of February, $116 million (10.0%) above forecast. Net receipts from individual income, corporate franchise, and other taxes were above forecast, and net sales tax revenues were below. For fiscal year 2025, year-to-date receipts are now $20.1 billion. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/monthly-revenue-review/february.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6720682025-03-10T20:45:23ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374February Budget and Economic Forecast060 February Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-671620" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-03-06T18:00:00ZThe MMB February forecast projects a $456 million balance at the end of the FY26-27 biennium, $160 million lower than prior estimates. 1059<h2 xmlns="http://www.w3.org/1999/xhtml">Summary</h2> Minnesota’s budget outlook has been adjusted downward amid significant near-term economic and fiscal uncertainty. The FY 2026-27 projected balance is now $456 million, $160 million lower than prior estimates. Higher forecast inflation results in increases in projected revenues and expenditures. Spending growth outpaces revenue growth through projections for fiscal year 2029. The projected general fund shortfall for the FY 2028-29 biennium is now $5.995 billion, $852 million worse than November estimates. Shifting policies at the federal level introduce significant uncertainty to the projections. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/">Current Operating Budget Webpage</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/budget-and-economic-forecast/february.pdf">February 2025 Budget and Economic Forecast (PDF)</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/budget-and-economic-forecast/february-2025-forecast-presentation.pdf">February 2025 Budget and Economic Forecast Presentation (PDF)</a></li> </ul> Accessibility To request a reasonable accommodation and/or alternative format of documents provided on this page, contact Minnesota Management and Budget at 651-201-8000 or <a href="mailto:accessibility.mmb@state.mn.us">accessibility.mmb@state.mn.us</a>.6716202025-03-06T18:00:47ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374January Monthly Revenue Review050 January Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-668798" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-02-10T21:21:21ZNet general fund revenues totaled $3.1 billion in January, $64 million (2%) less than forecast. Net receipts from individual income and corporate franchise taxes were below forecast, while net receipts from general sales and use taxes and other revenues were above. Fiscal year 2025 year-to-date receipts are $18.8 billion, $315 million (1.7%) more than forecast.1059Net general fund revenues totaled $3.1 billion in January, $64 million (2%) less than forecast. Net receipts from individual income and corporate franchise taxes were below forecast, while net receipts from general sales and use taxes and other revenues were above. Fiscal year 2025 year-to-date receipts are $18.8 billion, $315 million (1.7%) more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/monthly-revenue-review/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6687982025-02-10T22:14:29ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Governor Walz and Lt. Governor Flanagan Propose $887 Million Infrastructure Plan for 2025040 Governor Walz's 2025 Infrastructure Plan<custom:Link urlOnly="true" type="Component" destination="tcm:1059-666371" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-01-23T19:57:51ZThe 2025 Infrastructure Plan focuses on preserving existing state facilities, improving water and transportation infrastructure, investing in public safety, addressing housing and the environmental needs, and supporting other projects that benefit communities across the state.1059The 2025 Infrastructure Plan focuses on preserving existing state facilities, improving water and transportation infrastructure, investing in public safety, addressing housing and the environmental needs, and supporting other projects that benefit communities across the state. Learn more on the <a href="https://mn.gov/mmb/budget/capital-budget/current/" xmlns="http://www.w3.org/1999/xhtml">MMB Capital Budget Budget webpage</a>.6663712025-01-23T20:06:38ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Governor Walz and Lieutenant Governor Flanagan Release Biennial Budget030 The Walz-Flanagan Budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-665378" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-01-16T17:52:40ZGovernor Tim Walz and Lieutenant Governor Peggy Flanagan release the state budget recommendations for the next biennium.1059<img src="/mmb/assets/newsfeed-article-20_tcm1059-665377.jpg" title="governors-2025-budget" alt="governors-2025-budget" style="width: 100%; height: auto;" xlink:title="governors-2025-budget" xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" /> Governor Tim Walz and Lieutenant Governor Peggy Flanagan release the state budget recommendations for the next biennium. The supporting documents for the biennial budget are published in the <a href="https://mn.gov/mmb/budget/current-budget/governors-budget-recommendations/" title="FY 2026-27 Governor's Budget Recs">Budget content area on the Minnesota Management and Budget website</a>.6653782025-01-16T17:52:52ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Internal control and accountability</Subject><Subject>Biennial report</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374New Report Shows Broad Compliance with OLA Recommendations020 2025 Internal Control and Accountability Biennial Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-665209" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-01-15T18:33:27ZThe 2025 Internal Control and Accountability Biennial Report details advances in compliance with recommendations made by the Office of the Legislative Auditor and in statewide internal control efforts.1059State agencies have fully or partially resolved 96% of OLA recommendations tracked over the past two years. ST. PAUL--Minnesota Management and Budget’s (MMB’s) Internal Control and Accountability unit today issued its biennial report to the legislature, showing advances in compliance with recommendations made by the Office of the Legislative Auditor (OLA) and in statewide internal control efforts. MMB’s Internal Controls and Accountability unit (ICA) has continued working with state agencies, boards and commissions in 2023 and 2024, the years covered by the report, to strengthen internal controls and increase audit capacity. Of the 247 total Legislative Auditor’s findings tracked in 2023 and 2024, 96% were fully resolved (66.4%) or partially resolved (29.9%), 3.2% were unresolved, and .4% were no longer valid because the programs they referenced no longer exist. Of the eight audit findings that were unresolved, most were due to the need for legislative action, information technology system upgrades, or resource constraints, or are awaiting the next contract cycle. By comparison, in 2021 and 2022, of the 240 total Legislative Auditor's findings, 86% were fully (66.7%) or partially (19.6%) resolved and 13.8% were unresolved. Looking just at financial audits, 99% of financial audit findings tracked in 2023-24 were fully or partially resolved, 90% in 2021-2022, 87% in 2019-2020, 75% in 2017-2018, and 77% in 2015-2016. Findings carry forward from one biennium to the next until they are resolved. “The Legislative Auditor’s Office does important work, and this report shows state agencies’ diligence in making recommended changes to their operating procedures,” said MMB Commissioner Erin Campbell. "Protecting state resources and providing efficient, effective delivery of services is an absolute priority. “We continue to work throughout the executive branch to test and strengthen our ability to prevent and detect fraud and waste,” Campbell said. “Across state government, we have increased the number of internal auditors and internal control professionals in the past four years. Ultimately, we want to bolster a culture of compliance at all levels of every agency.” The new report details: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>ICA has established a new statewide internal audit office within it. This initiative was achieved with the hiring of an audit director and two lead workers in 2024. As part of that initiative, the ICA developed plans for an audit committee; created workpapers, a policy manual, and audit charter; and initiated a first audit.</li> <li>In 2023, the ICA worked with agencies, boards, and commissions to improve the risk assessment plan tool to better facilitate the documentation and implementation of risk mitigation projects. The revised tool allows agencies to focus on their strategic priorities, document specific risk mitigation projects, track timelines and progress, and integrate their own risk assessment methods.</li> <li>The ICA has also developed a community of practice to bring together internal audit directors and managers throughout state government to coordinate efforts, improve internal audit processes, share best practices, and provide a forum for training and idea sharing.</li> <li>The number of internal auditors and internal control professionals in the executive branch rose from 44 in 2020 to 82 in 2024.</li> <li>The ICA trained more than 1,200 new supervisors and managers in internal control and fraud prevention strategies.</li> </ul> <a href="https://mn.gov/mmb/internalcontrol/biennial-reports/">Internal Controls 2025 biennial report </a> Contact Patrick Hogan, Enterprise Director of Communications and Marketing Phone: 651-259-3737 Email: <a href="mailto:patrick.hogan@state.mn.us">patrick.hogan@state.mn.us</a>6652092025-01-15T19:58:51ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374January Revenue and Economic Update010 January Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-664843" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2025-01-10T20:02:32ZNet general fund receipts for November and December 2024 total an estimated $5.6 billion, $380 million (7.2%) more than forecast in November. Net individual and corporate income tax receipts were above the forecast as were net receipts from sales and use taxes. Other revenues were slightly less than forecast.1059Net general fund receipts for November and December 2024 total an estimated $5.6 billion, $380 million (7.2%) more than forecast in November. Net individual and corporate income tax receipts were above the forecast as were net receipts from sales and use taxes. Other revenues were slightly less than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2025/revenue-and-economic-update/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6648432025-01-10T20:15:50ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374November Revenue Review220 November Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-660510" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-12-10T21:06:26ZNovember net general fund revenues totaled $2.1 billion, $80 million (3.8%) under forecast. Individual income tax, corporate franchise tax, and other revenues were below forecast. General sales tax revenues were higher.1059November net general fund revenues totaled $2.1 billion, $80 million (3.8%) under forecast. Individual income tax, corporate franchise tax, and other revenues were below forecast. General sales tax revenues were higher. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/monthly-revenue-review/november.pdf" title="November Revenue Review - PDF link opens in new tab" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6605102024-12-10T22:15:19ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374November Budget and Economic Forecast210 November Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-657981" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-12-04T15:30:00ZMMB forecasts a $616 million balance at the end of the FY26-27 biennium, $1.1 billion less than prior estimates.1059<h2 xmlns="http://www.w3.org/1999/xhtml">Summary</h2> MMB forecasts a $616 million balance at the end of the FY26-27 biennium, $1.1 billion less than prior estimates. Projected reductions in income and sales tax revenues combined with higher spending for long-term care and special education result in a growing structural imbalance throughout the budget planning horizon. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/">Current Operating Budget Webpage</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/budget-and-economic-forecast/november.pdf">November 2024 Budget and Economic Forecast</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/budget-and-economic-forecast/november-2024-forecast-presentation.pdf">November 2024 Budget and Economic Forecast Presentation</a></li> </ul> Accessibility To request a reasonable accommodation and/or alternative format of documents provided on this page, contact Minnesota Management and Budget at 651-201-8000 or <a href="mailto:accessibility.mmb@state.mn.us">accessibility.mmb@state.mn.us</a>.6579812024-12-04T16:47:21ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October Revenue Review200 October Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-652742" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-11-12T15:51:42ZNet general fund revenues totaled $2.5 billion in October, $24 million (1%) above forecast. Net receipts from other revenues were above forecast, more than offsetting below-forecast net sales tax receipts. Individual income and corporate franchise receipts were close to forecast.1059Net general fund revenues totaled $2.5 billion in October, $24 million (1%) above forecast. Net receipts from other revenues were above forecast, more than offsetting below-forecast net sales tax receipts. Individual income and corporate franchise receipts were close to forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/monthly-revenue-review/october.pdf" title="October Revenue Review - PDF link opens in new tab" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6527422024-11-12T16:29:46ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>Budget Reserve Report190 Budget Reserve Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-649709" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-10-17T19:10:30ZTo adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 5.2 percent of the current biennium’s general fund non-dedicated revenues, or a $3.161 billion budget reserve for the 2024-25 biennium.1059<h2 xmlns="http://www.w3.org/1999/xhtml">Budget Reserve Recommendation</h2> To adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 5.2 percent of the current biennium’s general fund non-dedicated revenues, or a $3.161 billion budget reserve for the 2024-25 biennium. <a href="https://mn.gov/mmb-stat/000/az/forecast/budget-reserve/report-2024.pdf">Read Complete Budget Reserve Report (including table data)</a>6497092024-10-17T19:11:20ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October Revenue and Economic Update180 October Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-649009" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-10-10T19:27:24ZMinnesota’s net general fund receipts for the first quarter of FY 2025 are estimated to total $7.6 billion, $234 million (3.2%) more than forecast in February. Net receipts exceeded forecast amounts for individual income tax and other revenues while corporate and sales tax revenues were below forecast.1059Minnesota’s net general fund receipts for the first quarter of FY 2025 are estimated to total $7.6 billion, $234 million (3.2%) more than forecast in February. Net receipts exceeded forecast amounts for individual income tax and other revenues while corporate and sales tax revenues were below forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/revenue-and-economic-update/october.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6490092024-10-10T19:31:41ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374August Revenue Review170 August Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-644061" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-09-10T21:01:10ZNet general fund revenues totaled $2.2 billion in August, $187 million (9.1%) more than forecast in February. 1059Net general fund revenues totaled $2.2 billion in August, $187 million (9.1%) more than forecast in February. Individual income tax revenues continue to be above the February forecast due primarily to higher than forecast withholding. Other revenues are also above forecast because of high investment income and unusually high estate tax revenues. FY 2025 year-to-date receipts are now $4.2 billion, $197 million (4.9%) more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/monthly-revenue-review/august.pdf" title="August Revenue Review - link opens in new tab" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6440612024-09-10T21:45:27ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374July Revenue Review160 July Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-640654" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-08-12T17:35:22ZNet general fund revenues totaled nearly $2 billion in July, $9 million (0.5%) more than forecast. Net individual, corporate income, and other tax receipts were all higher than forecast, while net sales tax receipts were lower.1059Net general fund revenues totaled nearly $2 billion in July, $9 million (0.5%) more than forecast. Net individual, corporate income, and other tax receipts were all higher than forecast, while net sales tax receipts were lower. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/monthly-revenue-review/july.pdf" title="July Revenue Review - link opens in new tab" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6406542024-08-12T18:47:38ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>General Obligation Bonds</Subject><Subject>AAA Rating</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Minnesota sells $1.6 Billion in General Obligation Bonds 150 Bond Sale<custom:Link urlOnly="true" type="Component" destination="tcm:1059-640488" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-08-09T00:57:24ZThis week, the state of Minnesota sold $1.6 billion in general obligation bonds. Money generated from the sale will support programs and capital improvements as well as refinance existing debt for economic savings.1059<h2 xmlns="http://www.w3.org/1999/xhtml">AAA Bond Ratings Keep Interest Rates Low, Saving the State Money</h2> ST. PAUL, Minn.: This week, the state of Minnesota sold $1.6 billion in general obligation bonds. Money generated from the sale will support programs and capital improvements as well as refinance existing debt for economic savings. “The money raised from the bond sale will help build and maintain assets throughout the state, improving the infrastructure that Minnesotans rely on every day,” said Minnesota Management and Budget (MMB) Commissioner Erin Campbell. “We are grateful that the three major rating agencies recently reaffirmed Minnesota’s AAA credit ratings, which keeps borrowing costs low and helps ensure good stewardship of taxpayer resources.” <h3 xmlns="http://www.w3.org/1999/xhtml">Specifics Regarding the Sale</h3> The five series of general obligation bonds sold on Aug. 6 include: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>$879,630,000 General Obligation State Various Purpose Bonds, Series 2024A (3.28% interest)</li> <li>$352,750,000 General Obligation State Trunk Highway Bonds, Series 2024B (3.23% interest)</li> <li>$29,965,000 General Obligation Taxable State Various Purpose Bonds, Series 2024C (4.08% interest)</li> <li>$190,245,000 General Obligation State Various Purpose Refunding Bonds, Series 2024D (2.64% interest)</li> <li>$141,165,000 General Obligation State Trunk Highway Refunding Bonds, Series 2024E (2.65% interest)</li> </ul> Kutak Rock LLP served as bond counsel on the transaction. <h3 xmlns="http://www.w3.org/1999/xhtml">What the Rating Agencies Said</h3> Last month, Moody’s, Fitch and S&P Global reaffirmed the across-the-board AAA bond ratings, marking the third consecutive year that all three rating agencies gave Minnesota the very top bond rating. In affirming Minnesota’s AAA rating, Fitch stated, “Minnesota’s ‘AAA’ IDR and GO bond ratings reflect the state's steadily growing and broad-based economy, highly educated workforce, expanding population and a revenue structure well-designed to capture economic growth. The ratings also reflect a low long-term liability burden and historically strong control over revenue and spending that, in conjunction with a sophisticated approach to reserve funding, leaves Minnesota well-positioned to manage through economic cycles while maintaining a high level of financial flexibility.” In affirming Minnesota’s AAA rating, Moody’s Investors Service stated, “Minnesota’s ‘AAA’ issuer rating reflects the state’s strong reserves and liquidity, low leverage from debt, pension and OPEB liabilities, and diverse and high-income economy. The rating also reflects strong fiscal governance practices and wide financial flexibility.” In affirming Minnesota’s AAA rating, S&P Global stated, “Minnesota’s ‘AAA’ GO rating reflects our view of the state’s robust financial management and government framework, its demonstrated commitment to structural budgetary balance and to maintaining healthy reserves, its above-average economic characteristics, and its conservatively managed debt and liability profile. Given the state’s historically strong financial position and a national economic forecast that points to ongoing, albeit moderating, growth through 2027, we do not expect downside credit risk to materially increase within the two-year rating outlook horizon.” # # #6404882024-08-09T01:04:39ZNews Releases223491AAA Ratings for Third Straight YearAAA Ratings for Third Straight YearNewsAAACredit RatingengNews Releases223374AAA Ratings for Third Straight Year130 AAA Ratings<custom:Link urlOnly="true" type="Component" destination="tcm:1059-638981" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-07-29T21:26:14ZAll three major credit rating agencies rate Minnesota’s bonds as AAA, among the best in the nation, and give the state high marks for financial management.1059All three major credit rating agencies rate Minnesota’s bonds as AAA, among the best in the nation, and give the state <a href="https://tinyurl.com/mwfv32rv" title="Office of Governor Tim Walz and Lt. Governor Peggy Flanagan">high marks for financial management</a>. 6389812024-07-29T21:55:25ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374July Revenue and Economic Update120 July Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-631662" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-07-10T19:44:48ZMinnesota’s net general fund receipts for FY24 are now estimated to total $30.2 billion, $421 million (1.4%) more than projected in the February forecast. Net income, corporate, and other receipts were above and net sales receipts were slightly (0.4%) below the forecast. State revenues in the final quarter of FY24 were $180 million (2.0%) more than forecast in February.1059Minnesota’s net general fund receipts for FY24 are now estimated to total $30.2 billion, $421 million (1.4%) more than projected in the February forecast. Net income, corporate, and other receipts were above and net sales receipts were slightly (0.4%) below the forecast. State revenues in the final quarter of FY24 were $180 million (2.0%) more than forecast in February. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/revenue-and-economic-update/july.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6316622024-07-10T20:00:33ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>DCYF</Subject><Subject>Department of Children, Youth, and Families</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374The Department of Children, Youth, and Families has launched110 Launch of DCYF<custom:Link urlOnly="true" type="Component" destination="tcm:1059-630663" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-07-01T15:16:05ZCongratulations to the new Dept. of Children, Youth and Families, which launched today after being signed into law in 2023. 1059Congratulations to the new <a href="https://dcyf.mn.gov/">Dept. of Children, Youth and Families</a>, which launched today after being signed into law in 2023. This new cabinet-level agency brings together resources to better serve children, youth, and families across the state. Programs and staff will transfer to the new department between July 2024 and July 2025. This two-year transition process is supported by the leadership and work of the <a href="https://mn.gov/mmb/dcyf-implementation/">DCYF Implementation Office</a> and the Governor’s Children’s Cabinet, housed here at MMB.6306632024-07-01T15:21:09ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374May Revenue Review100 May Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-627009" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-06-10T15:44:47ZNet general fund revenues totaled $2.1 billion in May 2024, $304 million (16.7%) above forecast. Net receipts from all major tax types exceeded forecast. FY24 year-to-date receipts are now $26.8 billion, $561 million (2.1%) over forecast.1059Net general fund revenues totaled $2.1 billion in May 2024, $304 million (16.7%) above forecast. Net receipts from all major tax types exceeded forecast. FY24 year-to-date receipts are now $26.8 billion, $561 million (2.1%) over forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/monthly-revenue-review/may.pdf" title="April Revenue Review - link opens in new tab" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6270092024-06-10T17:16:58ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Transition in State Economist090 Transition in State Economist<custom:Link urlOnly="true" type="Component" destination="tcm:1059-626289" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-06-03T19:13:33ZAfter 11 years in the job, Dr. Laura Kalambokidis is preparing to turn over the state’s economic forecasting and revenue reporting duties to Dr. Anthony Becker on June 30.1059<h1 xmlns="http://www.w3.org/1999/xhtml">A Changing of the Guard for Minnesota State Economist</h1> St. Paul, MN: Minnesota’s state economist provides crucial, non-partisan economic research and analysis that helps drive state budget development and track the state’s financial performance. After 11 years in the job, Dr. Laura Kalambokidis is preparing to turn over the state’s economic forecasting and revenue reporting duties to Dr. Anthony Becker on June 30. Minnesota’s twice-annual economic forecasts look at many factors that can influence state revenues and expenses. The documents provide predictive data state policymakers and legislators use to guide spending decisions. The integrity of the work requires that it be done based on sound data and economic principles without partisan influence. In addition to preparing forecasts, the Economic Analysis unit that Dr. Kalambokidis leads at Minnesota Management and Budget (MMB) also provides monthly reports on state revenues, showing how the state is performing compared to the most recent forecast. “It has been fascinating to pair economic theory with real world data in such an impactful way,” Dr. Kalambokidis said. “There are so many factors to consider in building a forecast: U.S. economic outlook, federal monetary policy, Minnesota’s labor market, tax law changes, and other revenue drivers and risks. Situations can change quickly, and the data we have at the time we develop the forecast isn’t always predictive of what we can expect in the future. I’ve been fortunate to lead a great team of very knowledgeable, dedicated economists at MMB, and I know they will help provide a smooth transition for Dr. Becker.” Dr. Kalambokidis served in the role throughout the economic uncertainties created by the global COVID-19 pandemic and the U.S. response to it. “There was no modern precedent for the pandemic that we could look at to predict likely economic outcomes and timing,” she said. “While some economic impacts are still being felt across the nation and here at home, our most recent forecast shows Minnesota remains in a healthy financial position.” Although Dr. Kalambokidis is leaving her post at MMB, she will continue to teach in the Applied Economics Department and to serve as an extension economist at the University of Minnesota. “Dr. Kalambokidis has done a tremendous job as Minnesota’s state economist for more than a decade,” said MMB Commissioner Erin Campbell. “I thank Dr. Kalambokidis for her service to Minnesota and wish her the very best in her continued work at the University of Minnesota and beyond.” Before Dr. Kalambokidis leaves MMB, she will be joined by the newly selected state economist, Dr. Anthony Becker. “I am very pleased to announce Dr. Becker has agreed to become our next state economist,” Commissioner Campbell said. “His many years studying and teaching economics, including nearly 40 years as a professor at St. Olaf College, have provided Dr. Becker with a strong background in economics at the state as well as national and global levels.” Dr. Becker is a professor of economics at St. Olaf College in Northfield, MN, where he has been on the faculty since 1987. There he has served as the Husby-Johnson Professor of Business and Economics from 2016 to 2019, chair of the Economics Department from 2012 to 2020, and chair of several faculty committees. He has also worked as a consultant in economic analysis and as an expert witness in economic damages. He has been a visiting professor at the Universidad Nacional in Costa Rica and affiliate faculty at the Universidad Nacional del Litoral in Santa Fe, Argentina. Dr. Becker was also a visiting professor at Middlebury College in Vermont. Dr. Becker holds a Ph.D. and a master’s degree in economics, both from Duke University, and a bachelor’s with Honors in economics from the University of Maryland at College Park. A published author, he is a member of the American Economic Association, American Society of Hispanic Economists, National Association of Forensic Economists, and Western Economic Association International. “Economic forecasting has been a passion of mine since my time in graduate school, and it is an honor to use the knowledge and experienced I’ve gained over the years in service to Minnesota,” Dr. Becker said. “Dr. Kalambokidis is highly respected in and out of state government, and it is a great privilege to take over this important work from her. I look forward to continuing her high standards of transparency and objectivity and her commitment to following the data to give the Governor and Legislature the most accurate and meaningful forecasts possible.” <h2 xmlns="http://www.w3.org/1999/xhtml">Contact</h2> Patrick Hogan, Enterprise Director of Communications and Marketing Minnesota Management and Budget Phone: 651-259-3737 Email: <a href="mailto:patrick.hogan@state.mn.us">patrick.hogan@state.mn.us</a>6262892024-06-03T19:14:59ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Opioid Dashboard Updated080 Opioid Dashboard Updated<custom:Link urlOnly="true" type="Component" destination="tcm:1059-626281" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-06-03T18:46:33ZThe Opioid Epidemic Response Spending Dashboard has been updated to include funding year 2023 data.1059The <a href="/mmb/impact-evaluation/projects/opioid-epidemic-response/spending-dashboard/index.jsp" title="Opioid Epidemic Response Spending Dashboard" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="010 Introduction">Opioid Epidemic Response Spending Dashboard</a> has been updated to include funding year 2023 data. The dashboard provides a snapshot into Minnesota’s investments since 2019 to mitigate the harm of the opioid epidemic. Total investments increased from $39.8 million at the end of funding year 2022 to $74.1 million by the end of 2023.6262812024-06-03T18:51:03ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374April Revenue Review070 April Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-623932" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-05-10T21:15:00ZNet general fund revenues totaled $3.7 billion in April, $16 million (0.5%) above forecast. Net receipts from individual income and sales taxes for the month were less than forecast, while net corporate and other tax revenues were higher than expected. For fiscal year 2024, year-to-date receipts are now $24.7 billion, $258 million (1.1%) more than forecast.1059Net general fund revenues totaled $3.7 billion in April, $16 million (0.5%) above forecast. Net receipts from individual income and sales taxes for the month were less than forecast, while net corporate and other tax revenues were higher than expected. For fiscal year 2024, year-to-date receipts are now $24.7 billion, $258 million (1.1%) more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/monthly-revenue-review/april.pdf" title="April Revenue Review - link opens in new tab" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6239322024-05-22T17:11:26ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374April Revenue and Economic Update060 April Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-620082" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-04-10T20:54:04ZMinnesota’s net general fund receipts for February and March 2024 are estimated to total $3.9 billion, $241 million (6.5%) more than forecast in February. Revenues from all three major tax categories exceeded forecast.1059Minnesota’s net general fund receipts for February and March 2024 are estimated to total $3.9 billion, $241 million (6.5%) more than forecast in February. Revenues from all three major tax categories exceeded forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/revenue-and-economic-update/april.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6200822024-04-10T21:45:06ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374February Monthly Revenue Review050 February Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-613662" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-03-11T20:45:36ZNet general fund revenues totaled $1.4 billion in February, $25 million (1.9%) more than forecast. Net receipts from corporate, sales, and other taxes exceeded forecast, and net income tax revenues were below forecast. FY 2024 year-to-date receipts total $18.5 billion.1059Net general fund revenues totaled $1.4 billion in February, $25 million (1.9%) more than forecast. Net receipts from corporate, sales, and other taxes exceeded forecast, and net income tax revenues were below forecast. FY 2024 year-to-date receipts total $18.5 billion. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/monthly-revenue-review/february.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6136622024-03-11T22:29:02ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374February Budget and Economic Forecast040 February Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-611011" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-02-29T14:01:49ZMinnesota’s budget and economic outlook has improved since November. The 2024-25 biennium is now projected to end with a surplus of $3.715 billion, an increase of $1.324 billion compared to November projections. 1059<h2 xmlns="http://www.w3.org/1999/xhtml">Summary</h2> Minnesota’s budget and economic outlook has improved since November. The 2024-25 biennium is now projected to end with a surplus of $3.715 billion, an increase of $1.324 billion compared to November projections. The near-term economic outlook has improved, with growth expected to persist through 2027. Higher collections so far this fiscal year raise the current biennium forecast for all major tax types. Corporate tax revenue shows the largest change, driven by higher-than-expected corporate profits through the forecast horizon. Spending estimates are largely unchanged from November. The higher revenue forecast throughout the FY 2024-27 planning horizon results in improvement to the structural budgetary balance, but spending is still projected to exceed revenue through FY 2027. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/" style="color: rgb(5, 99, 193); box-sizing: border-box; background: transparent;">Current Operating Budget Webpage</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/budget-and-economic-forecast/february.pdf" target="_blank" style="color: rgb(5, 99, 193); box-sizing: border-box; background: transparent;">February 2024 Budget and Economic Forecast</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/budget-and-economic-forecast/february-2024-forecast-presentation.pdf" target="_blank" style="color: rgb(5, 99, 193); box-sizing: border-box; background: transparent;">February 2024 Budget and Economic Forecast Presentation</a></li> </ul> Accessibility To request a reasonable accommodation and/or alternative format of documents provided on this page, contact Minnesota Management and Budget at 651-201-8000 or <a href="mailto:accessibility.mmb@state.mn.us">accessibility.mmb@state.mn.us</a>.6110112024-02-29T14:07:25ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374January Monthly Revenue Review030 January Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-609587" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-02-12T16:21:22ZNet general fund revenues totaled $3.1 billion in January, $313 million more than forecast. Net receipts from all major tax types were above the forecast. For fiscal year 2024, year-to-date receipts are now $17.1 billion, $384 million (2.3%) more than forecast.1059Net general fund revenues totaled $3.1 billion in January, $313 million more than forecast. Net receipts from all major tax types were above the forecast. For fiscal year 2024, year-to-date receipts are now $17.1 billion, $384 million (2.3%) more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/monthly-revenue-review/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6095872024-02-12T18:00:29ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Governor Walz and Lt. Governor Flanagan propose more than $980 million for 2024 Infrastructure Plan020 Capital Budget Recommendations<custom:Link urlOnly="true" type="Component" destination="tcm:1059-606756" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-01-16T18:30:08ZToday, Governor Walz and Lt. Governor Flanagan present their 2024 Infrastructure Plan, which proposes more than $980 million for projects that protect drinking water, keep communities safe, maintain existing state facilities, and support safe housing. 1059Today, Governor Walz and Lt. Governor Flanagan present their 2024 Infrastructure Plan, which proposes more than $980 million for projects that protect drinking water, keep communities safe, maintain existing state facilities, and support safe housing. <a href="/mmb/budget/capital-budget/current/fy2024.jsp" class="button-brand-primary" title="000 Intro - Current Capital Budget [LP]" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="000 Intro - Current Capital Budget [LP]">Visit our Capital Budget landing page for additional information and data</a> <img src="/mmb/assets/Capital%20Budget%20Pie%20Chart-19_tcm1059-606759.jpg" title="Capital Budget" alt="Capital Budget" style="width: 100%; height: auto" xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="999 Capital Budget Pie Chart" />6067562024-01-16T19:07:07ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374January Revenue and Economic Update010 January Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-606368" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2024-01-10T21:46:54ZNet general fund receipts for November and December 2023 totaled an estimated $5.2 billion, $70 million (1.4 percent) more than forecast in November. Net individual and corporate income tax receipts exceeded forecast, and net receipts from sales and other taxes fell short.1059Net general fund receipts for November and December 2023 totaled an estimated $5.2 billion, $70 million (1.4 percent) more than forecast in November. Net individual and corporate income tax receipts exceeded forecast, and net receipts from sales and other taxes fell short. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2024/revenue-and-economic-update/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6063682024-01-10T22:00:10ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Where do your tax dollars go?029 MN Taxpayer Receipt<custom:Link urlOnly="true" type="Component" destination="tcm:1059-605349" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-12-29T18:15:26ZFind out using our new Taxpayer Receipt application.1059Find out using our new Taxpayer Receipt application. The Minnesota taxpayer receipt was developed by Minnesota Management and Budget, in consultation with the Minnesota Department of Revenue, under Minnesota Statutes 16A.067. The receipt estimates a taxpayer’s income, sales, tobacco, alcohol and motor vehicle fuel tax liabilities and then estimates that taxpayer’s share of state expenditures. <a href="https://mn.gov/taxpayerreceipt" class="button-brand-primary" target="_blank">Minnesota Taxpayer Receipt Application</a>6053492023-12-29T19:23:18ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases2233742023 Annual Comprehensive Financial Report 028 2023 Annual Comprehensive Financial Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-604624" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-12-20T17:45:14ZMinnesota Management and Budget (MMB) has released the Annual Comprehensive Financial Report (ACFR) as well as the Legal Level of Budgetary Control (LLBC) supplement for the state of Minnesota for the fiscal year ended June 30, 2023.1059Minnesota Management and Budget (MMB) has released the <a href="https://mn.gov/mmb/accounting/reports/annual-comprehensive-financial-report.jsp">Annual Comprehensive Financial Report (ACFR)</a> as well as the <a href="https://mn.gov/mmb/accounting/reports/budgetary-control.jsp">Legal Level of Budgetary Control (LLBC)</a> supplement for the state of Minnesota for the fiscal year ended June 30, 2023. These reports include the financial statements for the state and the disclosures necessary to accurately present the financial condition and results of operations for the fiscal year. MMB prepared the ACFR and LLBC supplement in accordance with Minnesota Statutes, section 16A.50, and generally accepted accounting principles (GAAP) for governmental units. The ACFR and the General Fund Schedule in the LLBC are audited by the Office of the Legislative Auditor (OLA). The OLA has issued an unmodified (clean) opinion on the state of Minnesota’s financial statements for the year ended June 30, 2023. MMB has also submitted the ACFR to the Government Finance Officers Association of the United States and Canada (GFOA) for consideration for the Certificate of Achievement for Excellence in Financial Reporting . The state was awarded the Certificate for its ACFR for the fiscal year ended June 30, 2022, representing the thirty-seventh consecutive year the state of Minnesota has received this award. The ACFR and LLBC reports for 2023 as well as reports for previous years can be accessed using the links below: <ul type="disc" xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/accounting/reports/annual-comprehensive-financial-report.jsp">Annual Comprehensive Financial Report </a></li> <li><a href="https://mn.gov/mmb/accounting/reports/budgetary-control.jsp">Legal Level of Budgetary Control</a></li> </ul>6046242023-12-20T17:45:53ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374November Monthly Revenue Review027 November Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-603737" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-12-11T18:03:49ZNet general fund revenues totaled $2.2 billion in November, $10 million (0.5 percent) more than forecast. Net income and corporate tax receipts were higher than expected, and net sales and other tax revenues were lower than forecast. For fiscal year 2024, year-to-date, receipts are now $10.9 billion. The fiscal year-to-date variance is the same dollar amount as the monthly variance, $10 million above the forecast, which is 0.1 percent of fiscal year-to-date forecast revenues.1059Net general fund revenues totaled $2.2 billion in November, $10 million (0.5 percent) more than forecast. Net income and corporate tax receipts were higher than expected, and net sales and other tax revenues were lower than forecast. For fiscal year 2024, year-to-date, receipts are now $10.9 billion. The fiscal year-to-date variance is the same dollar amount as the monthly variance, $10 million above the forecast, which is 0.1 percent of fiscal year-to-date forecast revenues. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/monthly-revenue-review/november.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.6037372023-12-11T18:30:02ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374November Budget and Economic Forecast 026 November Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-602553" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-12-06T15:30:00ZMinnesota’s budget and economic outlook remains stable in the current biennium, but a significant structural imbalance constrained the budget outlook in FY 2026-27. The current FY 2024-25 surplus is projected to be $2.4 billion, up $808 million from the end-of-session estimate. The remaining balance falls to $82 million in FY 2027.1059<h2 xmlns="http://www.w3.org/1999/xhtml">Summary</h2> Minnesota’s budget and economic outlook remains stable in the current biennium, but a significant structural imbalance constrained the budget outlook in FY 2026-27. The current FY 2024-25 surplus is projected to be $2.4 billion, up $808 million from the end-of-session estimate. Higher expected consumer spending and corporate profit growth raise the FY 2024-25 tax revenue forecast. The near-term U.S. economic outlook has improved since February, driven by stronger than expected consumer spending, business investment, and employment. Higher estimates in health and human services and education raise total spending in FY 2024-2027, resulting in a negative structural balance in the next biennium. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/" style="color: rgb(5, 99, 193); box-sizing: border-box; background: transparent;">Current Operating Budget Webpage</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/budget-and-economic-forecast/november.pdf" target="_blank" style="color: rgb(5, 99, 193); box-sizing: border-box; background: transparent;">November 2023 Budget and Economic Forecast</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/budget-and-economic-forecast/november-2023-forecast-presentation.pdf" target="_blank" style="color: rgb(5, 99, 193); box-sizing: border-box; background: transparent;">November 2023 Budget and Economic Forecast Presentation</a></li> </ul> Accessibility To request a reasonable accommodation and/or alternative format of documents provided on this page, contact Minnesota Management and Budget at 651-201-8000 or <a href="mailto:accessibility.mmb@state.mn.us">accessibility.mmb@state.mn.us</a>.6025532023-12-06T18:16:18ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October Monthly Revenue Review025 October Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-599584" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-11-13T21:16:33ZOctober 2023 net general fund revenues totaled $2.4 billion, $133 million (5.9%) above forecast. Net receipts from individual income, sales, and other taxes exceeded forecast, more than offsetting lower net corporate tax receipts. FY24 receipts so far are $8.8 billion, 6.5 percent above forecast. 1059October 2023 net general fund revenues totaled $2.4 billion, $133 million (5.9%) above forecast. Net receipts from individual income, sales, and other taxes exceeded forecast, more than offsetting lower net corporate tax receipts. FY24 receipts so far are $8.8 billion, 6.5 percent above forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/monthly-revenue-review/october.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5995842023-11-13T21:52:07ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Share Your Input on Local Government Projects024 Your voice matters: share your input on local government projects now through Nov 30<custom:Link urlOnly="true" type="Component" destination="tcm:1059-598967" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-11-07T21:13:33ZYour voice matters. As Minnesota Management and Budget staff works on 2024 capital budget requests, we’d like to hear from you about which projects in your community should be prioritized and why. The public comment period is open now through November 30, 2023.1059As Minnesota Management and Budget (MMB) staff works on 2024 capital budget requests, we’d like to hear from you about which projects in your community should be prioritized and why. Speak up and let your opinions count. The public comment period will be open through November 30, 2023. Governor Walz and will review this information with MMB staff in the development of his <a href="/mmb/budget/capital-budget/current/fy2024.jsp" title="000 Intro - Current Capital Budget [LP]" xlink:title="000 Intro - Current Capital Budget [LP]" xmlns:xlink="http://www.w3.org/1999/xlink">capital budget recommendations</a>, which will be submitted to the Legislature in January 2024. Share your thoughts today and be a part of the decision-making process. <a href="https://mad.qualtrics.com/jfe/form/SV_8v4wcDij7QfflIy" target="_blank" class="button-brand-primary">Share your input on local government projects</a>5989672023-11-08T18:10:04ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Financing Sale023 Financing Sale<custom:Link urlOnly="true" type="Component" destination="tcm:1059-597405" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-10-25T18:22:11ZOn Oct. 25, 2023 Minnesota Management and Budget sold $454 million in State of Minnesota Certificates of Participation to finance the design, renovation, expansion and equipping of the State Office Building and $26 million in State of Minnesota Taxable General Fund Appropriation Bonds for public infrastructure projects in the Duluth Regional Exchange District.1059On Oct. 25, 2023 Minnesota Management and Budget sold $454 million in State of Minnesota Certificates of Participation to finance the design, renovation, expansion and equipping of the State Office Building and $26 million in State of Minnesota Taxable General Fund Appropriation Bonds for public infrastructure projects in the Duluth Regional Exchange District. The sale results: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>$454,175,000 State of Minnesota Certificates of Participation sold at 4.39 percent interest.</li> <li>$26,080,000 State of Minnesota Taxable General Fund Appropriation Bonds sold at 5.91 percent interest.</li> </ul> Kutak Rock LLP served as bond counsel for both transactions.5974052023-10-25T18:22:21ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374FY 2022-2023 Biennium Budget Close Report021 FY 2022-2023 Biennium Budget Close Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-596380" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-10-16T14:28:00ZThe FY 2022-23 biennium ended with a balance $820 million higher than estimated at the end of the 2023 legislative session.1059The FY 2022-23 biennium ended with a balance $820 million higher than estimated at the end of the 2023 legislative session. Final revenue for the biennium, including taxes, other revenue, and accounting adjustments from prior fiscal years, closed $739 million (1.2 percent) higher than estimates. General fund spending for the closed biennium, after accounting adjustments, was $81 million (0.2 percent) lower than prior estimates. The difference between the estimated and actual ending balance, $820 million, will be added to the projected surplus for the FY 2024-25 biennium, which was estimated to be $1.583 billion when enacted in May. <a class="button-brand-primary" href="<custom:Link urlOnly="true" type="Component" destination="tcm:1059-199617" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />" title="000 Current Operating Budget - LP" xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="000 Current Operating Budget - LP">FY 2022-23 Biennial Close Report</a>5963802023-10-16T15:01:11ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>Budget Reserve Report020 Budget Reserve Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-596156" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-10-13T15:00:13ZTo adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 4.9 percent of the current biennium’s general fund non-dedicated revenues, or a $2.873 billion budget reserve for the 2024-25 biennium.1059<h2 xmlns="http://www.w3.org/1999/xhtml">Budget Reserve Recommendation</h2> To adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB), in accordance with Minnesota Statutes section 16A.152 subd.8, recommends a budget reserve target of 4.9 percent of the current biennium’s general fund non-dedicated revenues, or a $2.873 billion budget reserve for the 2024-25 biennium. At the end of the 2023 regular and special legislative session, Minnesota’s projected FY 2022-23 budget reserve was $2.852 billion. <a href="https://mn.gov/mmb-stat/000/az/forecast/budget-reserve/report-2023.pdf">Read Complete Budget Reserve Report (including table data)</a>5961562023-10-13T17:08:19ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October Revenue and Economic UpdateMinnesota lake during July/mmb/assets/Newsfeed%20Graphics-05_tcm1059-587617.jpg019 October Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-595799" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-10-10T20:45:14ZNet general fund receipts for Fiscal Year 2024’s first quarter are estimated at $6.4 billion, $400 million (6.7 percent) more than forecast in February. Net receipts exceeded projections for all major tax types. S&P Global now expects annual real GDP to grow 2.5 percent this year and 1.6 percent next, compared to increases of 0.7 percent and 1.6 percent in its February forecast.1059Net general fund receipts for Fiscal Year 2024’s first quarter are estimated at $6.4 billion, $400 million (6.7 percent) more than forecast in February. Net receipts exceeded projections for all major tax types. S&P Global now expects annual real GDP to grow 2.5 percent this year and 1.6 percent next, compared to increases of 0.7 percent and 1.6 percent in its February forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/revenue-and-economic-update/october.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5957992023-10-10T21:30:49ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374August Monthly Revenue Review018 August Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-591580" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-09-11T20:15:56ZNet general fund revenues totaled $1.1 billion in August, $61 million (5.8%) more than forecast in February. Net individual income, corporate, and other tax revenues exceeded -- and net sales tax revenues nearly matched -- the forecast. FY2024 year-to-date receipts are nearly $3 billion, $106 million (3.7%) more than forecast.1059Net general fund revenues totaled $1.1 billion in August, $61 million (5.8%) more than forecast in February. Net individual income, corporate, and other tax revenues exceeded -- and net sales tax revenues nearly matched -- the forecast. FY2024 year-to-date receipts are nearly $3 billion, $106 million (3.7%) more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/monthly-revenue-review/august.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5915802023-09-11T20:59:53ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374July Monthly Revenue Review017 July Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-586964" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-08-10T14:52:38ZGeneral fund net revenues totaled $1.9 billion in July, $45 million (2.5%) above forecast. Net individual income and corporate tax receipts were below forecast, while general sales tax and other revenues were higher than forecast.1059General fund net revenues totaled $1.9 billion in July, $45 million (2.5%) above forecast. Net individual income and corporate tax receipts were below forecast, while general sales tax and other revenues were higher than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/monthly-revenue-review/july.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5869642023-08-10T15:58:53ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Minnesota sells $1.02 Billion in General Obligation Bonds016 Minnesota sells $1.02 Billion in General Obligation Bonds<custom:Link urlOnly="true" type="Component" destination="tcm:1059-586789" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-08-08T17:28:20ZAAA Bond Ratings Keep Interest Rates Low, Saving the State Money1059<h2 xmlns="http://www.w3.org/1999/xhtml">AAA Bond Ratings Keep Interest Rates Low, Saving the State Money</h2> On Aug. 1, 2023, Minnesota Management and Budget (MMB) sold $1.02 billion in state general obligation bonds. Money generated from the sale will support programs and capital improvements as well as refinance existing debt for economic savings. “The sale enables us to invest in needed infrastructure and save some $33 million by refinancing $622 million in existing debt to lower-interest financing,” said MMB Deputy Commissioner Erin Campbell. “All three major bond rating agencies recently reaffirmed Minnesota’s AAA status, enabling us to sell the bonds at low interest rates.” <h2 xmlns="http://www.w3.org/1999/xhtml">Specifics Regarding the Sale</h2> The five series of general obligation bonds sold include: · $264,000,000 General Obligation State Trunk Highway Bonds, Series 2023B (3.4% interest) · $160,725,000 General Obligation State Various Purpose Bonds, Series 2023A (3.4% interest) · $329,145,000 General Obligation State Various Purpose Refunding Bonds, Series 2023D (2.8% interest) · $255,320,000 General Obligation State Trunk Highway Refunding Bonds, Series 2023E (2.8% interest) · $14,865,000 General Obligation Taxable State Various Purpose Bond Series 2023C (4.6% interest) Kutak Rock LLP served as bond counsel on the transaction. <h2 xmlns="http://www.w3.org/1999/xhtml">What the Rating Agencies Said</h2> Last month, Moody’s, Fitch and S&P Global reaffirmed the across-the-board AAA bond ratings achieved in 2022, marking the second time since 2003 that all three rating agencies gave Minnesota the very top bond rating. In affirming Minnesota’s AAA rating, Fitch stated, “Minnesota's 'AAA' IDR and GO bond ratings reflect the state's steadily-growing and broad-based economy, highly educated workforce, expanding population, and a revenue structure well-designed to capture economic growth. The ratings also reflect a low long-term liability burden and historically strong control over revenues and spending that, in conjunction with a sophisticated approach to reserve funding, leaves Minnesota well positioned to manage through economic cycles while maintaining a high level of financial flexibility.” In affirming Minnesota’s AAA rating, Moody’s Investors Service stated, “Minnesota's long-term economic fundamentals remain very strong stemming from low unemployment, high per capita incomes, high workforce participation, high educational attainment, and a diverse mix of industry.” In affirming Minnesota’s AAA rating, S&P Global stated, “Minnesota's robust management, with regular and comprehensive multiyear revenue forecasting, focus on matching recurring expenditures with recurring revenue, and commitment to maintaining healthy reserve balances, continues to support the state's 'AAA' credit quality.”5867892023-08-08T17:30:12ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Rating Agencies Confirm Minnesota’s AAA Status015 AAA Bond Rating<custom:Link urlOnly="true" type="Component" destination="tcm:1059-586788" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-08-05T18:07:58ZFitch, Moody’s and Standard & Poor’s all agree: Minnesota has earned the highest bond rating achievable.1059Fitch, Moody’s and Standard & Poor’s all agree: Minnesota has earned the highest bond rating achievable. In July 2023, Fitch, Standard & Poor’s, and Moody’s all reaffirmed the state’s AAA rating. “Top bond ratings are important because they help reduce the cost of borrowing to make needed improvements across the state,” said Minnesota Management and Budget Deputy Commissioner Erin Campbell. “Minnesota demonstrated during the recent pandemic and period of economic uncertainty that our balanced approach toward spending, healthy reserves, and low long-term debt enable us to be agile and responsive even amid historic challenges.” <h2 xmlns="http://www.w3.org/1999/xhtml">What the Credit Agencies Are Saying</h2> <h3 xmlns="http://www.w3.org/1999/xhtml">Fitch Ratings</h3> Minnesota's 'AAA' IDR and GO bond ratings reflect the state's steadily growing and broad-based economy, highly educated workforce, expanding population, and a revenue structure well-designed to capture economic growth. The ratings also reflect a low long-term liability burden and historically strong control over revenues and spending that, in conjunction with a sophisticated approach to reserve funding, leaves Minnesota well positioned to manage through economic cycles while maintaining a high level of financial flexibility. <h3 xmlns="http://www.w3.org/1999/xhtml">Moody’s Investors Service</h3> Minnesota's long-term economic fundamentals remain very strong stemming from low unemployment, high per capita incomes, high workforce participation, high educational attainment, and a diverse mix of industry. <h3 xmlns="http://www.w3.org/1999/xhtml">S&P Global</h3> Minnesota's robust management, with regular and comprehensive multiyear revenue forecasting, focus on matching recurring expenditures with recurring revenue, and commitment to maintaining healthy reserve balances, continues to support the state's 'AAA' credit quality.5867882023-08-08T17:30:12ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374July Revenue and Economic Update013 July Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-583974" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-07-10T21:52:49ZGeneral fund net receipts for FY23 are estimated to total $30.4 billion, $529 million (1.8 percent) more than forecast in February 2023. Net income, corporate, and other receipts were above forecast, and net sales receipts below. Revenues in the final quarter of FY22 were 4.1 percent over February’s forecast. 1059April net general fund receipts for February and March are now estimated to total $3.98 billion, $176 million (4.6%) more than forecast. Net receipts for individual income and other taxes exceeded forecast, with sales and corporate taxes falling below forecast. Refunds were higher than expected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/revenue-and-economic-update/july.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5839742023-07-10T21:55:21ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>State Pays Off Stadium Debt 20 Years Early012 State Pays Off Stadium Debt 20 Years Early<custom:Link urlOnly="true" type="Component" destination="tcm:1059-582506" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-06-26T20:24:11ZSt. Paul, MN: Today, two decades ahead of schedule and at the earliest opportunity, Minnesota Management and Budget (MMB) paid off all $377 million in outstanding public debt on bonds issued for development of U.S. Bank stadium. 1059St. Paul, MN: Today, two decades ahead of schedule and at the earliest opportunity, Minnesota Management and Budget (MMB) paid off all $377 million in outstanding public debt on bonds issued for development of U.S. Bank stadium. “Paying off the stadium debt early will save taxpayers about $226 million in total interest payments,” said MMB Commissioner Jim Schowalter. “Going forward, it will also free up some $150 million in annual receipts from pull tabs for other important state projects.” In 2014, Minnesota Management and Budget financed a $498 million public share of the stadium cost by issuing bonds, scheduled to be paid off by 2043. Tax revenues from pull-tab sales and Minneapolis special local sales taxes were reserved for use in paying off the bond debt. Under the bond financing agreement, June 2023 is the first chance the state had to refinance or pay off the remaining $377 million bond debt. With the support of the Minnesota legislature, the state made the most of that opportunity, combining the $366 million in available stadium reserve funds with a $12 million general fund appropriation to pay off the bonds and remaining interest. “State bonding helped take the stadium project from dream to reality,” said Schowalter. “We are fortunate to be able to pay off the debt 20 years early and to have one of the greatest stadiums in the nation here in Minnesota.” <h2 xmlns="http://www.w3.org/1999/xhtml">Contact</h2> Patrick Hogan, Enterprise Director of Communication and Planning Address: Minnesota Management and Budget, 400 Centennial Building, 658 Cedar Street, Saint Paul, MN 55155 Phone: 651-259-3737 Email: <a href="mailto:patrick.hogan@state.mn.us">patrick.hogan@state.mn.us</a>5825062023-06-26T20:24:34ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>May Monthly Revenue Review011 May Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-580765" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-06-12T19:00:00ZGeneral fund net revenues totaled $1.9 billion in May, $7 million (0.4 percent) less than forecast. Net receipts from net individual income, corporate, and sales taxes were less than forecast, and other tax receipts were above the forecast. Fiscal Year 2023 receipts are now $26.9 billion, $303 million (1.1 percent) more than forecast.1059General fund net revenues totaled $1.9 billion in May, $7 million (0.4 percent) less than forecast. Net receipts from net individual income, corporate, and sales taxes were less than forecast, and other tax receipts were above the forecast. Fiscal Year 2023 receipts are now $26.9 billion, $303 million (1.1 percent) more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/monthly-revenue-review/may.pdf">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5807652023-06-12T19:17:09ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374April Monthly Revenue Review010 April Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-577298" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-05-10T18:52:16ZGeneral fund net revenues totaled $3.7 billion in April 2023, $134 million (3.8%) over the forecast. Net receipts from individual and corporate taxes exceeded the forecast while net sales and other tax revenues lagged. Year-to-date receipts are now $306 million (1.2%) over the February forecast.1059General fund net revenues totaled $3.7 billion in April 2023, $134 million (3.8%) over the forecast. Net receipts from individual and corporate taxes exceeded the forecast while net sales and other tax revenues lagged. Year-to-date receipts are now $306 million (1.2%) over the February forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/monthly-revenue-review/april.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5772982023-05-10T19:01:34ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374April Revenue and Economic Update009 April Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-573001" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-04-10T18:07:11ZApril net general fund receipts for February and March are now estimated to total $3.98 billion, $176 million (4.6%) more than forecast. Net receipts for individual income and other taxes exceeded forecast, with sales and corporate taxes falling below forecast. Refunds were higher than expected.1059April net general fund receipts for February and March are now estimated to total $3.98 billion, $176 million (4.6%) more than forecast. Net receipts for individual income and other taxes exceeded forecast, with sales and corporate taxes falling below forecast. Refunds were higher than expected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/revenue-and-economic-update/april.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5730012023-04-10T21:24:52ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Revised Budget Recommendations008 Revised Budget Recommendations<custom:Link urlOnly="true" type="Component" destination="tcm:1059-569764" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-03-16T16:47:25ZGovernor Walz and Lt. Governor Flanagan released their revised capital budget to reflect the debt service impact for the February 2023 forecast and to make technical changes.1059Governor Walz and Lt. Governor Flanagan released their revised capital budget to reflect the debt service impact for the February 2023 forecast and to make technical changes. <a href="https://mn.gov/mmb/budget/current-budget/governors-budget-recommendations/" class="button-brand-primary">Revised Budget Recommendations</a>5697642023-03-16T16:48:42ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374February Monthly Revenue Review007 February Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-569001" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-03-10T19:06:57ZFebruary 2023 net general fund revenues totaled $1.3 billion, $99 million (7.2%) less than forecast. Net receipts from corporate, sales, and other taxes were lower than forecast, and net income tax revenues higher.1059February 2023 net general fund revenues totaled $1.3 billion, $99 million (7.2%) less than forecast. Net receipts from corporate, sales, and other taxes were lower than forecast, and net income tax revenues higher. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/monthly-revenue-review/february.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5690012023-03-10T19:30:07ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374February Budget and Economic Forecast 006 February Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-566660" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-02-27T13:52:28ZMinnesota budget and economic outlook stable with $17.5 billion balance projected for next biennium, mostly leftover from current biennium. Individual income and corporate franchise tax forecast up, offset by inflation. Revenues forecast to exceed spending through FY2027.1059Minnesota budget and economic outlook stable with $17.5 billion balance projected for next biennium, mostly leftover from current biennium. Individual income and corporate franchise tax forecast up, offset by inflation. Revenues forecast to exceed spending through FY2027. <ul style="box-sizing: border-box; margin-top: 0px; margin-bottom: 9px; color: rgb(51, 51, 51); font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 13px;" xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/" style="color: rgb(5, 99, 193); box-sizing: border-box; background: transparent;">Current Operating Budget Webpage</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/budget-and-economic-forecast/february.pdf" target="_blank" style="color: rgb(5, 99, 193); box-sizing: border-box; background: transparent;">February 2023 Budget and Economic Forecast</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/budget-and-economic-forecast/february-2023-forecast-presentation.pdf" target="_blank" style="color: rgb(5, 99, 193); box-sizing: border-box; background: transparent;">February 2023 Budget and Economic Forecast Presentation</a></li> </ul> Accessibility To request a reasonable accommodation and/or alternative format of documents provided on this page, contact Minnesota Management and Budget at 651-201-8000 or <a href="mailto:accessibility.mmb@state.mn.us">accessibility.mmb@state.mn.us</a>.5666602023-02-27T17:29:30ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374January Monthly Revenue Review005 January Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-563912" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-02-10T16:00:44ZNet general fund revenues totaled $2.9 billion in January, $270 million (10.2%) over forecast. Net receipts from individual and corporate taxes exceeded forecast, while net sales and other tax receipts were below forecast. Year-to-date, FY2023 receipts are now $17.3 billion, $487 million over forecast.1059Net general fund revenues totaled $2.9 billion in January, $270 million (10.2%) over forecast. Net receipts from individual and corporate taxes exceeded forecast, while net sales and other tax receipts were below forecast. Year-to-date, FY2023 receipts are now $17.3 billion, $487 million over forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/monthly-revenue-review/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5639122023-02-10T17:36:58ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Senate Confirms Jim Schowalter as Commissioner of Minnesota Management and Budget004 Senate Confirms Jim Schowalter as Commissioner of Minnesota Management and Budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-563709" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-02-09T18:14:44ZSt. Paul, MN: The Minnesota Senate today voted to confirm Jim Schowalter as commissioner of Minnesota Management and Budget (MMB), a position he has held since 2020. This is the second Senate confirmation for Schowalter, who also served as commissioner of MMB from 2011 to 2015.1059St. Paul, MN : The Minnesota Senate today voted to confirm Jim Schowalter as commissioner of Minnesota Management and Budget (MMB), a position he has held since 2020. This is the second Senate confirmation for Schowalter, who also served as commissioner of MMB from 2011 to 2015. Today’s action followed a unanimous Senate Finance Committee vote on Jan. 25 to support Schowalter’s confirmation and to move the vote to the Senate floor. "As we’ve worked to improve state services and create an economy that works for all Minnesotans, Jim Schowalter’s leadership has been invaluable," said Governor Walz. "I am ready to continue partnering with Jim to build a budget that improves life for all Minnesotans by making Minnesota the best state in the nation for children, investing in our economic future, combating climate change, and improving public safety across the state.” “As Commissioner of Minnesota Management and Budget, Jim Schowalter has provided a steady hand and invaluable guidance as we work together to build a budget for One Minnesota — the budget I’ve been working toward for my entire life. I am grateful he is part of our team,” said Lieutenant Governor Peggy Flanagan. As MMB’s commissioner, Schowalter serves as Minnesota’s chief financial officer, chief accounting officer, controller, and chief human resources officer. “It is an honor to have the opportunity to continue serving Governor Walz and Lieutenant Governor Flanagan and the people of our state as Minnesota’s Management and Budget commissioner,” Schowalter said. “I returned to MMB in 2020 when we were working day to day to deal with all the emerging challenges. Thanks to the amazing team at MMB, we’ve made so much progress and are looking forward to the future, delivering reliable and effective services for Minnesota’s kids, families, businesses and communities.” MMB achieved a number of significant milestones in recent years. Among them: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Stabilized the state budget, moving from projections that drained the rainy-day fund to the current outlook, which anticipates the largest budget surplus in Minnesota’s history, one that Governor Walz and Lieutenant Governor Flanagan can invest in the things that matter most to Minnesotans: our children and families, economic future, health and safety, and a state government that works for all Minnesotans</li> <li>Received highest bond ratings from all three major rating agencies in 2022, regaining the recognition that was lost 20 years ago</li> <li>Returned more than $300 million in state COVID appropriations to the general fund by maximizing federal resources</li> <li>Published evaluation research in the Journal of the American Medical Association’s Health Forum</li> <li>Worked with cabinet agencies to directly certify nearly 200,000 families for free or reduced-cost school meals</li> </ul> “Looking ahead, we will be seizing new opportunities to enhance recruitment and retention of talent, further state finances and prevent the risk of fraud, and drive toward results-based budgeting,” Schowalter said. “This is a remarkable time for delivering meaningful change even as we hold onto our role as stewards of the state’s resources.” Schowalter credited strong leadership by the governor and lieutenant governor, positive relations with state lawmakers, a great staff, and robust collaboration among executive branch agencies for MMB’s successes. <h2 xmlns="http://www.w3.org/1999/xhtml">Contact</h2> Patrick Hogan Phone: 651-259-3737 Email: <a href="mailto:patrick.hogan@state.mn.us">patrick.hogan@state.mn.us</a>5637092023-02-09T18:15:15ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Governor Walz and Lt. Governor Flanagan propose $3.3 billion Infrastructure Plan003 Capital Budget Recommendations<custom:Link urlOnly="true" type="Component" destination="tcm:1059-561569" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-01-26T15:36:51ZToday, Governor Walz and Lt. Governor Flanagan presented their 2023 Infrastructure Plan, which focuses on asset preservation, expanding access to safe and affordable housing, building safer roads and bridges, repairing critical water systems, and environmental stewardship and equity.1059Today, Governor Walz and Lt. Governor Flanagan presented their 2023 Infrastructure Plan, which focuses on asset preservation, expanding access to safe and affordable housing, building safer roads and bridges, repairing critical water systems, and environmental stewardship and equity. This capital budget recommendation includes $1.9 billion in general obligation bonds and $1.4 billion in other funding sources, including appropriation bonds, general fund cash, trunk highway bonds, trunk highway cash, and user-financed bonds. <a href="/mmb/budget/capital-budget/current/fy2024.jsp" class="button-brand-primary" title="000 Intro - Current Capital Budget [LP]" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="000 Intro - Current Capital Budget [LP]">Visit our Capital Budget landing page for additional information and data</a> <img src="/mmb/assets/Capital%20Budget-64_tcm1059-561567.png" title="Capital Budget" alt="Capital Budget" style="width: 100%; height: auto" xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="Capital Budget" />5615692023-07-17T16:03:37ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Governor Walz and Lieutenant Governor Flanagan release One Minnesota Budget002 One Minnesota Budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-561279" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-01-24T18:00:00ZGovernor Tim Walz and Lieutenant Governor Peggy Flanagan release the state budget recommendations for the next biennium.1059<a href="/mmb/budget/current-budget/previous-budget-recommendations/fy2024-2025.jsp" title="FY 2024-25 Governor's Budget Recs" xlink:title="FY 2024-25 Governor's Budget Recs" xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink"><img src="/mmb/assets/Slide%20Background-29_tcm1059-561260.png" title="One Minnesota Budget" alt="One Minnesota Budget" style="width: 100%; height: auto" xlink:title="One Minnesota Budget" /></a> Governor Tim Walz and Lieutenant Governor Peggy Flanagan release the state budget recommendations for the next biennium. The supporting documents for the One Minnesota Budget are published in the <a href="/mmb/budget/current-budget/previous-budget-recommendations/fy2024-2025.jsp" title="FY 2024-25 Governor's Budget Recs" xlink:title="FY 2024-25 Governor's Budget Recs" xmlns:xlink="http://www.w3.org/1999/xlink">Budget content area on the Minnesota Management and Budget website</a>.5612792023-01-26T15:54:41ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374January Revenue and Economic Update001 January Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-559074" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-01-10T21:45:00ZNet general fund receipts for Nov. and Dec. 2022 are now estimated at nearly $5.2 billion, $217 million (4.4%) above the latest forecast. Net income tax receipts were slightly below, sales tax receipts on par with, and corporate and other taxes higher than forecast.1059Minnesota’s net general fund receipts for November and December of 2022 are now estimated to total $5.162 billion, $217 million (4.4 percent) more than forecast in the November 2022 Budget and Economic Forecast. Income tax receipts were below the forecast for the period, receipts from corporate and other taxes were higher than forecast, and sales tax receipts nearly matched the forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2023/revenue-and-economic-update/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5590742023-01-10T21:45:27ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases22337437th Annual MLK Day Celebration, hosted by Governor Walz and Lt. Governor Flanagan290 MLK Day Event<custom:Link urlOnly="true" type="Component" destination="tcm:1059-558172" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2023-01-09T14:34:55ZCelebrate Dr. Martin Luther King, Jr. Day with live music and performances and inspiring remarks at the 37th Annual MLK Day Celebration.1059Celebrate Dr. Martin Luther King, Jr. Day with live music and performances and inspiring remarks at the 37th Annual MLK Day Celebration, hosted by Governor Walz and Lt. Governor Flanagan. The event begins at 10 a.m. Monday, Jan. 16 at the Ordway Center for Performing Arts, 345 Washington Ave., St. Paul. <a href="https://mn.gov/mmb-stat/MLK/MLKDay-Free-Ride-Pass.pdf" target="_blank"><img src="/mmb/assets/MLKDay_23_Button_tcm1059-558174.jpg" title="MLK Day Ride Pass" alt="MLK Day Ride Pass" style="width: 62%; height: auto" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="MLK Day Ride Pass" /></a>5581722023-01-09T16:43:37ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases2233742022 Annual Comprehensive Financial Report 280 2022 Annual Comprehensive Financial Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-552899" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-12-21T16:32:11ZMinnesota Management and Budget (MMB) has released the Annual Comprehensive Financial Report (ACFR) as well as the Legal Level of Budgetary Control (LLBC) supplement for the state of Minnesota for the fiscal year ended June 30, 2022.1059Minnesota Management and Budget (MMB) has released the Annual Comprehensive Financial Report (ACFR) as well as the Legal Level of Budgetary Control (LLBC) supplement for the state of Minnesota for the fiscal year ended June 30, 2022. These reports include the financial statements for the state and the disclosures necessary to accurately present the financial condition and results of operations for the fiscal year. MMB prepared the ACFR and LLBC supplement in accordance with Minnesota Statutes, section 16A.50, and generally accepted accounting principles (GAAP) for governmental units. The ACFR and the General Fund Schedule in the LLBC are audited by the Office of the Legislative Auditor (OLA). The OLA has issued an unmodified (clean) opinion on the state of Minnesota’s financial statements for the year ended June 30, 2022. MMB has also submitted the ACFR to the Government Finance Officers Association of the United States and Canada (GFOA) for consideration for the Certificate of Achievement for Excellence in Financial Reporting. The state was awarded the Certificate for its ACFR for the fiscal year ended June 30, 2021, representing the thirty-sixth consecutive year the state of Minnesota has received this award. The ACFR and LLBC reports for 2022 as well as reports for previous years can be accessed using the links below: <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/accounting/reports/annual-comprehensive-financial-report.jsp">Annual Comprehensive Financial Report </a></li> <li><a href="https://mn.gov/mmb/accounting/reports/budgetary-control.jsp">Legal Level of Budgetary Control</a></li> </ul>5528992022-12-23T18:01:54ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374November Monthly Revenue Review270 November Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-551564" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-12-12T19:00:00ZNet general fund revenues totaled $2.033 billion in November, $59 million (3.0 percent) more than forecast. Net income, sales, and corporate tax receipts were all higher than expected, and net other revenues were lower than forecast.1059Net general fund revenues totaled $2.033 billion in November, $59 million (3.0 percent) more than forecast. Net income, sales, and corporate tax receipts were all higher than expected, and net other revenues were lower than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/monthly-revenue-review/november.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5515642022-12-12T19:01:25ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374November Budget and Economic Forecast 260 November Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-550731" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-12-06T17:30:00ZStrong collections and lower-than-projected spending add to the FY22-23 surplus. Economic headwinds lower expected growth but large leftover surplus and healthy net revenues in FY24-25 create estimated $17.6B available for budget. 1059Strong collections and lower-than-projected spending add to the FY22-23 surplus. Economic headwinds lower expected growth but large leftover surplus and healthy net revenues in FY24-25 create estimated $17.6B available for budget. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/">Current Operating Budget Webpage</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/budget-and-economic-forecast/november-2022-forecast.pdf" target="_blank">November 2022 Budget and Economic Forecast</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/budget-and-economic-forecast/november-2022-forecast-presentation.pdf" target="_blank">November 2022 Budget and Economic Forecast Presentation</a></li> </ul> Accessibility To request a reasonable accommodation and/or alternative format of documents provided on this page, contact Minnesota Management and Budget at 651-201-8000 or <a href="mailto:accessibility.mmb@state.mn.us">accessibility.mmb@state.mn.us</a>.5507312022-12-06T17:30:07ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October Monthly Revenue Review250 October Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-547530" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-11-10T16:01:17ZNet general fund revenues totaled $2.2 billion in October 2022, 6% more than forecast. Individual income and general sales taxes exceeded forecast, with the corporate franchise tax falling short. FY2023 receipts are now $9.3 billion, $415 million more than forecast.1059Net general fund revenues totaled $2.2 billion in October 2022, 6% more than forecast. Individual income and general sales taxes exceeded forecast, with the corporate franchise tax falling short. FY2023 receipts are now $9.3 billion, $415 million more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/monthly-revenue-review/october-2022.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5475302022-11-10T20:29:01ZNews Releases223491To adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 4.8 percent of the current biennium’s general fund non-dedicated revenues, or a $2.699 billion budget reserve for the 2022-23 biennium.Budget Reserve ReportNewsBudget Reserve ReportengNews Releases223374Budget Reserve Report215 Budget Reserve Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-543625" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-10-14T15:00:00ZTo adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 4.8 percent of the current biennium’s general fund non-dedicated revenues, or a $2.699 billion budget reserve for the 2022-23 biennium. 1059<h2 style="color: rgb(84, 84, 84);" xmlns="http://www.w3.org/1999/xhtml">Budget Reserve Recommendation</h2> To adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB), in accordance with Minnesota Statutes section 16A.152 subd.8, recommends a budget reserve target of 4.8 percent of the current biennium’s general fund non-dedicated revenues, or a $2.699 billion budget reserve for the 2022-23 biennium. At the end of the 2022 regular and special legislative session, Minnesota’s projected FY 2022-23 budget reserve was $2.656 billion. <a href="https://mn.gov/mmb-stat/000/az/forecast/budget-reserve/report-2022.pdf">Read Complete Budget Reserve Report (including table data)</a>5436252022-10-14T15:50:56ZNews Releases223491October 2022 Revenue and Economic UpdateOctober 2022 Revenue and Economic Updatenewsrevenue and economic updateengOctober Revenue Review and Economic Update225 October Revenue Review and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-543243" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-10-10T20:48:19ZMinnesota’s net general fund receipts for Q1 of FY2023 are estimated at $7 billion, $289 million (4.3%) more than forecast. Net receipts exceeded projections for all major tax types.1059Minnesota’s net general fund receipts for the first quarter of FY 2023 are now estimated to total $7.024 billion, $289 million (4.3 percent) more than forecast in the February 2022 Budget and Economic Forecast. Net receipts exceeded the projection for all major tax types. Net individual income tax receipts were $6 million (0.2 percent) more than forecast for the first three months of FY 2023. Higher than expected gross receipts more than offset higher than expected refunds. <ul style="color: rgb(84, 84, 84);" xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/monthly-revenue-review/october.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5432432022-10-10T22:01:26ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>Minnesota sells $338 Million in State Appropriation Refunding Bonds240 Minnesota sells $338 Million in State Appropriation Refunding Bonds<custom:Link urlOnly="true" type="Component" destination="tcm:1059-541972" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-09-29T15:59:39ZThis week, the state of Minnesota sold $338 million in State Appropriation Refunding Bonds, Series 2022A, at an interest rate of 3.27 percent. 1059<div xmlns="http://www.w3.org/1999/xhtml">St. Paul, MN: This week, the state of Minnesota sold $338 million in State Appropriation Refunding Bonds, Series 2022A, at an interest rate of 3.27 percent. The sale enables the state to refinance 2012 debt for an interest savings of approximately $14.8 million on a present value basis. “Refinancing debt at a lower interest rate helps keep the cost of borrowing as low as possible,” said Minnesota Management and Budget Commissioner Jim Schowalter. “Minnesota state bonds are particularly attractive given the state’s strong financial position and history of sound fiscal management.” These bonds were rated AA+ by S&P Global Ratings, one notch below the State’s issuer credit rating of AAA due to the nature of the annual appropriation credit.</div> <div xmlns="http://www.w3.org/1999/xhtml"> Sound Fiscal Management</div> <div xmlns="http://www.w3.org/1999/xhtml">This summer, Moody’s upgraded its rating for the state of Minnesota from Aa1 to Aaa and both Fitch and S&P Global affirmed their AAA ratings, marking the first time since 2003 that all three rating organizations gave Minnesota the very top bond rating. When upgrading Minnesota’s rating to Aaa from Aa1, Moody’s issued a statement that reads, “The State of Minnesota…ranks among the strongest US states in high per capita income compared to the cost of living, robust financial reserves, and low leverage and fixed costs. The state has demonstrated improvements in fiscal governance including implementing relatively conservative and timely budgets, building up very high reserves, contributing to pensions at healthy levels that prevent growth in liabilities and refilling its unemployment trust fund after depleting it during the pandemic.” In confirming Minnesota’s AAA rating, Fitch stated, “Minnesota's 'AAA' IDR and GO bond ratings reflect the state's solid and broad-based economy, highly educated workforce, expanding population and a revenue structure well-designed to capture economic growth. The ratings also reflect a low long-term liability burden and strong control over revenues and spending that, in conjunction with a sophisticated approach to reserve funding, leaves Minnesota well positioned to manage through economic cycles while maintaining a high level of financial flexibility.” In affirming Minnesota’s AAA rating, S&P Global noted Minnesota’s: “Deep and diverse economy, with the Minneapolis-St. Paul metropolitan area, the center of the Upper Midwest economy, anchoring regional economic hubs; History of strong financial results, building its reserve accounts to $3.33 billion (11.4% of 2023 annual revenue) on a budgetary basis; Strong governmental framework, with legislative authority to raise revenues and executive authority to reduce and defer expenditures to maintain budgetary balance; and moderate debt levels, with well-defined debt management guidelines and improved pension-funded levels.”</div> <div xmlns="http://www.w3.org/1999/xhtml"> </div> <div xmlns="http://www.w3.org/1999/xhtml">Contact</div> <div xmlns="http://www.w3.org/1999/xhtml">Patrick Hogan</div> <div xmlns="http://www.w3.org/1999/xhtml">Director, Enterprise Communications and Marketing</div> <div xmlns="http://www.w3.org/1999/xhtml">651-259-3737</div> <div xmlns="http://www.w3.org/1999/xhtml"><a href="mailto:patrick.hogan@state.mn.us">patrick.hogan@state.mn.us</a></div>5419722022-09-29T19:33:42ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374August Monthly Revenue Review220 August Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-540164" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-09-12T15:55:08ZMinnesota’s net general fund revenues totaled $1.9 billion in August 2022, $69 million more than forecast. Only sales tax revenues were slightly below forecast. Year-to-date receipts are now $3.7 billion, 3.7 percent over forecast.1059Minnesota’s net general fund revenues totaled $1.9 billion in August 2022, $69 million more than forecast. Only sales tax revenues were slightly below forecast. Year-to-date receipts are now $3.7 billion, 3.7 percent over forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/August_Monthly_REvenue_Review.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5401642022-09-12T18:13:06ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374July Monthly Revenue Review210 July Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-537106" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-08-10T15:55:08ZMN net general fund revenues totaled $1.8 billion in July, $64 million (3.8 percent) more than forecast. Net sales tax receipts exceeded the forecast, with net receipts from individual income, corporate, and other taxes lower than expected.1059Net general fund revenues totaled $1.767 billion in July, $64 millMN net general fund revenues totaled $1.8 billion in July, $64 million (3.8 percent) more than forecast. Net sales tax receipts exceeded the forecast, with net receipts from individual income, corporate, and other taxes lower than expected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/monthly-revenue-review/july.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5371062022-08-10T18:44:42ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>Minnesota sells $587.6 Million in General Obligation Bonds200 Minnesota sells $587.6 Million in General Obligation Bonds<custom:Link urlOnly="true" type="Component" destination="tcm:1059-537062" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-08-09T21:09:34ZFirst Across-the-Board AAA Bond Ratings in Nearly 20 Years Keep Interest Rates Low 1059St. Paul, MN: Today, the state of Minnesota sold $587.6 million in general obligation bonds. Money generated from the sale will support programs and capital improvements related to such projects as educational facilities, parks, pollution control facilities, transportation, natural resources, and agricultural enterprises as well as bond refunding. “Money from the bond sale will be used to invest in Minnesota’s future,” said Minnesota Management and Budget Commissioner Jim Schowalter. “Capital investments can be built at low interest rates because of investors’ confidence in Minnesota and our solid track record of responsible fiscal management.” The four series of general obligation bonds sold today include: <ul class="decimal_type" style="list-style-type: disc;" xmlns="http://www.w3.org/1999/xhtml"> <li>$251,775,000 General Obligation State Various Purpose Bonds, Series 2022A (3.0 percent interest)</li> <li>$220,000,000 General Obligation State Trunk Highway Bonds, Series 2022B (2.9 percent interest)</li> <li>$9,200,000 General Obligation Taxable State Various Purpose Bonds, Series 2022C (3.5 percent interest)</li> <li>$106,660,000 General Obligation State Various Purpose Refunding Bonds, Series 2022D (2.1 percent interest)</li> </ul> Kutak Rock LLP served as bond counsel on the transaction. Sound Fiscal Management Ahead of the sale, Moody’s upgraded its rating for the state of Minnesota from Aa1 to Aaa and both Fitch and S&P Global affirmed their AAA ratings, marking the first time since 2003 that all three rating organizations gave Minnesota the very top bond rating. When upgrading Minnesota’s rating to Aaa from Aa1, Moody’s issued a statement that reads, “The State of Minnesota…ranks among the strongest US states in high per capita income compared to the cost of living, robust financial reserves, and low leverage and fixed costs. The state has demonstrated improvements in fiscal governance including implementing relatively conservative and timely budgets, building up very high reserves, contributing to pensions at healthy levels that prevent growth in liabilities and refilling its unemployment trust fund after depleting it during the pandemic.” In confirming Minnesota’s AAA rating, Fitch stated, “Minnesota's 'AAA' IDR and GO bond ratings reflect the state's solid and broad-based economy, highly educated workforce, expanding population and a revenue structure well-designed to capture economic growth. The ratings also reflect a low long-term liability burden and strong control over revenues and spending that, in conjunction with a sophisticated approach to reserve funding, leaves Minnesota well positioned to manage through economic cycles while maintaining a high level of financial flexibility.” In affirming Minnesota’s AAA rating, S&P Global noted Minnesota’s: “Deep and diverse economy, with the Minneapolis-St. Paul metropolitan area, the center of the Upper Midwest economy, anchoring regional economic hubs; History of strong financial results, building its reserve accounts to $3.33 billion (11.4% of 2023 annual revenue) on a budgetary basis; Strong governmental framework, with legislative authority to raise revenues and executive authority to reduce and defer expenditures to maintain budgetary balance; and moderate debt levels, with well-defined debt management guidelines and improved pension-funded levels.” <h2 style="margin-top:.25in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;line-height:112%;font-size:21px;font-family:"Calibri",sans-serif;color:#003865;" xmlns="http://www.w3.org/1999/xhtml">Contact</h2> Patrick Hogan Director, Enterprise Communications and Marketing 651-259-3737<a href="mailto:patrick.hogan@state.mn.us"> patrick.hogan@state.mn.us</a>5370622022-08-09T21:14:25ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374July Revenue Review and Economic Update180 July Revenue Review and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-533543" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-07-11T20:22:30ZFY 2022 general fund revenues are estimated at $30.3 billion, $2.9 billion more than forecast. Some of the higher-than-expected revenue reflects the timing of certain tax payments and refunds. 1059Minnesota’s net general fund receipts for FY 2022 are now estimated to total $30.329 billion, $2.927 billion (10.7 percent) more than projected in the February 2022 Budget and Economic Forecast. It is important to note that most of the higher-than-expected revenue reflects the timing of payments from Pass-Through-Entities (PTE). We do not have enough information to estimate how much of the variance is due to the PTE timing shift. Over the next six months we expect these revenues will be largely offset by related tax credits and refunds. We believe that at the close of fiscal year 2022, state revenues associated with tax year 2021 are at least $1 billion over forecast. Overall, we are seeing some evidence in Minnesota’s tax revenues that is consistent with a slowing economy. Also, since February our national forecasters have consistently lowered their expectations for U.S. economic growth in 2022-2025, and they say the risk of a recession beginning in the next 12 months is increasing. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/revenue-and-economic-update/july.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5335432022-07-11T21:11:44ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Erin Campbell to Join Minnesota Management and Budget as Deputy Commissioner for Enterprise Employee Resources170 Erin Campbell to Join Minnesota Management and Budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-532346" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-06-28T18:42:04ZSt. Paul, MN: Minnesota Management and Budget (MMB) Commissioner Jim Schowalter today announced that Erin Campbell will become deputy commissioner for enterprise employee resources effective July 13.1059St. Paul, MN: Minnesota Management and Budget (MMB) Commissioner Jim Schowalter today announced that Erin Campbell will become deputy commissioner for enterprise employee resources effective July 13. “Erin has considerable policy and management experience impacting state agencies and their employees throughout Minnesota,” Schowalter said. “That experience will be extremely valuable as we continue to foster employee resources that attract, support and develop knowledgeable state workers in Minnesota.” Campbell currently serves as assistant commissioner for facilities and enterprise services at the Minnesota Department of Administration (MDA), a position she has held since 2015. There she leads the facilities management division, fleet and surplus services, real estate and construction, enterprise real property and the Office of Enterprise Sustainability. She has provided leadership and oversight for major initiatives, including restoration of Minnesota’s State Capitol. While at MDA, Campbell was also tapped to help lead key strategic initiatives elsewhere in the enterprise, including leading the Minnesota Department of Health’s Long Term Care Battle Plan to help keep COVID-19 out of long-term care facilities. She served as senior advisor to Gov. Tim Walz in the spring of 2021, advising the governor on legislative affairs, and as the chief operating officer (COO) for state and cabinet affairs for the Governor’s Office in the summer of 2021. As COO, she gained crucial experience working with MMB on labor relations and contract negotiations, workforce planning and enterprise human resources policy making. Previously, Campbell served as deputy chief of staff for legislative and policy affairs for Gov. Mark Dayton. She also worked as a lobbyist with the Messerli & Kramer Government Relations Group and spent six years on staff at the Minnesota Senate. She remains First Lady Gwen Walz’s representative on the Governor’s Residence Council. “It is an honor to join Minnesota Management and Budget and to help ensure resources for state government employees continue to evolve along with agency needs and worker expectations,” Campbell said. “The pandemic and a tight labor market changed the way organizations across the nation approach workforce issues. State government is competing with the private sector to attract workers from the same pool of prospective employees, so we need to be competitive and innovative in our approach to attracting, supporting and retaining great workers.” Campbell is a graduate of Concordia College and of the state’s Senior Leadership Institute. Minnesota Management and Budget is the state central service agency responsible for managing state finances, payroll and human resources and for providing systems for daily business operations, information and analysis. The agency serves the state’s governor, Legislature, more than 100 state governmental entities, more than 50,000 state employees and the people of Minnesota. <h2 xmlns="http://www.w3.org/1999/xhtml">Contact </h2> Patrick Hogan, Director of Enterprise Communications and Marketing Minnesota Management and Budget 612-219-2697 <a href="mailto:patrick.hogan@state.mn.us" target="_blank">patrick.hogan@state.mn.us</a>5323462022-06-30T18:49:59ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374May Monthly Revenue Review160 May Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-530647" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-06-10T18:20:52ZState revenues totaled $1.877 billion in May, $535 million more than forecast. Nearly all the higher-than-expected revenue reflects the timing of certain tax payments and refunds.1059State revenues totaled $1.877 billion in May, $535 million more than forecast. Nearly all the higher-than-expected revenue reflects the timing of certain tax payments and refunds. Net general fund revenues totaled $1.877 billion in May, $535 million (40.0 percent) more than forecast. Net receipts from income, corporate, and other taxes were above the forecast, and net sales tax receipts were below the forecast. For fiscal year 2022, year to date receipts are now $26.946 billion, $2.316 billion (9.4 percent) more than forecast. We estimate that about $1 billion of the fiscal-year-to-date variance reflects the timing of pass-through entity (PTE) tax payments and refunds. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/monthly-revenue-review/may.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5306472022-06-10T19:34:18ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled>Budget, Proposal</SubjectControlled></DublinCore><Date>2018-01-16T16:39:17Z</Date></metadata><Title>2021 Single Audit Report150 2021 Single Audit Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-528552" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-05-19T21:46:07ZMinnesota Management and Budget has released the State of Minnesota Financial and Compliance Report on Federally Assisted Programs (“single audit report”) for the year ended June 30, 2021. 1059Minnesota Management and Budget has released the State of Minnesota Financial and Compliance Report on Federally Assisted Programs (“single audit report”) for the year ended June 30, 2021. This report meets the requirements of the Federal Single Audit Act of 1984 as amended in 1996 and the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) contained in 2 CFR Part 200, as applicable. The Office of the State Auditor (OSA) has audited the state's Schedule of Expenditures of Federal Awards, Internal Control Over Financial Reporting of the Schedule of Expenditures of Federal Awards and on Compliance and Other Matters, and Compliance for Each Major Federal Program identified in this single audit report in accordance with the Uniform Guidance contained in 2 CFR Part 200, as applicable. Minnesota Management and Budget received the single audit report and the OSA’s transmittal letter on May 17, 2022. The 2021 single audit report, transmittal letter, and past reports can be accessed here: <a href="https://mn.gov/mmb/accounting/reports/single-audit.jsp">https://mn.gov/mmb/accounting/reports/single-audit.jsp</a>. 5285522022-05-19T22:42:51ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374April Monthly Revenue Review140 April Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-527716" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-05-10T14:47:35ZApril 2022 Revenue Release shows net general fund revenues totaled $4.7 billion, $1.1 billion (31.4 percent) more than forecast, in part due to timing of certain tax payments. A more complete report covering April-June receipts will be issued in July.1059Net general fund revenues totaled $4.667 billion in April, $1.115 billion (31.4 percent) more than forecast. Net receipts from individual, sales, and corporate taxes for the month exceeded the forecast, while net other tax revenues were lower than expected. For fiscal year 2022, year to date receipts are now $25.069 billion, $1.781 billion (7.6 percent) more than forecast. We estimate that about $540 million of the fiscal-year-to-date variance reflects the timing of pass-through entity (PTE) tax payments and refunds. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/monthly-revenue-review/april.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5277162022-05-10T18:02:50ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374April Revenue Review and Economic Update120 April Revenue Review and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-524612" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-04-11T16:38:54ZMinnesota’s revenues for February and March are now estimated to be $666 million (18.7 percent) more than forecast, but most of this variance reflects the timing of certain tax payments and not higher than forecast tax liability.1059Minnesota’s net general fund receipts for February and March 2022 are now estimated to total $4.239 billion, $666 million (18.7 percent) more than forecast in the February 2022 Budget and Economic Forecast. However, most of this variance reflects the timing of pass-through entity (PTE) tax payments and refunds and not higher than forecast tax liability. Net receipts exceeded the forecast for income, sales, and corporate taxes. Net other revenues nearly matched the forecast. (See page 4 for details.) Net individual income tax receipts for February and March were $554 million (30.5 percent) more than forecast. Net payments from partnerships and S Corporations (primarily for the PTE tax) generated about $530 million (96 percent) of this variance. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/revenue-and-economic-update/april.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5246122022-04-11T21:51:06ZNews Releases223491Revenue Forecast Uncertainty ReportRevenue Forecast Uncertainty ReportNewsReleaseMinnesotauncertaintyengNews Releases223374Governor Walz and LT Gov Flanagan release their revised supplemental budget 100 Governor Walz and LT Gov Flanagan release their revised supplemental budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-521715" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-03-17T13:14:21ZGovernor Walz and LT Gov Flanagan release their revised supplemental budget, which adds $1.6 billion in new spending, including $1.3 billion in additional payments to Minnesotans.1059Governor Walz and LT Gov Flanagan release their revised supplemental budget, which adds $1.6 billion in new spending, including $1.3 billion in additional payments to Minnesotans. <a href="<custom:Link urlOnly="true" type="Component" destination="tcm:1059-453043" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />" class="button-brand-primary" title="FY 2022-23 Governor's Budget Recs - LP [Nov 30]" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="FY 2022-23 Governor's Budget Recs">FY 2022-23 Governor's Budget Recommendations</a>5217152022-12-05T22:56:17ZNews Releases223491Revenue Forecast Uncertainty ReportRevenue Forecast Uncertainty ReportNewsReleaseMinnesotauncertaintyengNews Releases223374Revenue Forecast Uncertainty Report - March 2022 090 March 2022 Forecast Uncertainty Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-521389" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-03-14T14:59:14ZIn Minnesota’s February 2022 Budget and Economic Forecast, total revenues for FY 2022-23 are forecast to be $57.289 billion. This forecast was constructed seventeen months before the current biennium closes. If this forecast turns out to have the same degree of accuracy as the average of our seventeen-months-ahead forecasts, we can expect FY 2022-23 closing revenues to be between $55.719 and $58.859 billion (+/- $1.57 billion).1059Summary of Revenue Forecast Uncertainty for the Current Biennium In Minnesota’s February 2022 Budget and Economic Forecast, total revenues for FY 2022-23 are forecast to be $57.289 billion. This forecast was constructed seventeen months before the current biennium closes. If this forecast turns out to have the same degree of accuracy as the average of our seventeen-months-ahead forecasts, we can expect FY 2022-23 closing revenues to be between $55.719 and $58.859 billion (+/- $1.57 billion). Estimating Revenue Forecast Uncertainty The difference between the level of revenues forecast and the amount actually collected at the end of a biennium—the forecast error—is a gauge of forecast accuracy. The mean absolute error (MAE) is the average of the errors’ absolute values (that is, treating negative and positive errors the same). Since accuracy in forecasting a single biennium’s revenues improves the closer we get to the end of the two-year period, we calculate separate errors for each time a biennium is part of the forecast: 32, 29, 20, 17, 8 and 5 months from actual. We then average those errors over FY 1990-91 to the most recent closed period, FY 2020-21. Read the complete report on the <a href="https://mn.gov/mmb/forecast/researchanalysis/forecast-uncertainty.jsp">Forecast Uncertainty webpage</a>.5213892022-03-14T15:15:11ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374February Monthly Revenue Review080 February Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-521186" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-03-10T18:00:00ZMinnesota revenues totaled $1.323 billion for February, $75 million (5.4%) less than forecast. Net receipts from individual income, corporate and other taxes for the month were lower than forecast. Sales tax revenues were above the forecast.1059Net general fund revenues totaled $1.323 billion for the month of February, $75 million (5.4 percent) less than forecast. Net receipts from individual income, corporate, and other taxes for the month were lower than forecast, and sales tax revenues were above the forecast. For fiscal year 2022, year to date receipts are now $17.486 billion. Because forecast receipts are now updated to reflect the February 2022 Budget and Economic Forecast, the fiscal year-to-date variance is the same dollar amount as the monthly variance, $75 million below the forecast, which is 0.4 percent of fiscal year-to-date revenues. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/monthly-revenue-review/february.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5211862022-03-10T17:58:14ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374February Budget and Economic Forecast 060 February Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-519952" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-02-28T15:53:33ZMinnesota's budget and economic outlook remains positive. A forecast improvement of $1.507 billion for the current biennium leads to a revised projected surplus of $9.253 billion for FY 2022-23. FY 2024-25 planning estimates are largely unchanged from November. Uncertainty due to inflation and geopolitical conflict pose risk to the budget and economic outlook.1059Minnesota's budget and economic outlook remains positive. A forecast improvement of $1.507 billion for the current biennium leads to a revised projected general fund surplus of $9.253 billion for FY 2022-23. A higher income, consumer spending, and corporate profit forecast results in an improved revenue projection while spending is slightly lower in E-12 education and Health and Human Services. The revenue and spending forecast changes are mostly one-time and the structural balance in the FY 2024-25 planning estimates remains positive and largely unchanged from November. Uncertainty due to inflation and geopolitical conflict pose risk to the budget and economic outlook. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/">Current Operating Budget Webpage </a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/budget-and-economic-forecast/february-2022-forecast.pdf" target="_blank">February 2022 Budget and Economic Forecast</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/budget-and-economic-forecast/february-forecast-presentation-2022.pdf" target="_blank">February 2022 Budget and Economic Forecast Presentation</a></li> </ul>5199522022-02-28T18:45:31ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374January Revenue and Economic Update050 January Revenue Review and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-518283" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-02-10T16:56:20ZNet GF revenues in Jan. = $3.2B, $649M (25.0 %) more than forecast. We estimate that most of this variance is temporary. Jan. collections included elective Pass-Through Entity Tax payments that will be credited against 2021 individual income tax. 1059Net general fund revenues totaled $3.240 billion in January, $649 million (25.0 percent) more than forecast. Net receipts from the corporate, sales, and other taxes were above the forecast, while net individual income tax receipts were lower than forecast. For fiscal year 2022, year to date receipts are now $16.163 billion, $1.482 billion (10.1 percent) more than forecast. However, a substantial portion of December and January individual and corporate tax collections are Pass-Through Entity Tax (PTE) estimated payments that will be credited against business owners’ individual income tax liability for TY 2021, lowering income tax final payments and raising refunds in CY 2022. We estimate that about $1.2 billion of the fiscal-year-to-date overall variance arises from the PTE timing shift. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/monthly-revenue-review/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5182832022-02-10T17:45:22ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled>Budget, Proposal</SubjectControlled></DublinCore><Date>2018-01-16T16:39:17Z</Date></metadata><Title>Gov. Tim Walz, joined by Lt. Gov. Peggy Flanagan, announce the release of state budget recommendations for the next biennium. 030 Gov. Tim Walz releases The Walz-Flanagan Budget to Move Minnesota Forward<custom:Link urlOnly="true" type="Component" destination="tcm:1059-516406" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-01-26T18:55:00ZDetails for the Supplemental Budget Recommendations can be found on our Governor's Budget Recommendations page. 1059Details for the Supplemental Budget Recommendations can be found on our Governor's Budget Recommendations page. <a href="<custom:Link urlOnly="true" type="Component" destination="tcm:1059-453043" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />" class="button-brand-primary" title="FY 2022-23 Governor's Budget Recs - LP [Nov 30]" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="FY 2022-23 Governor's Budget Recs">FY 2022-23 Governor's Budget Recommendations</a>5164062022-12-05T22:56:14ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled>Budget, Proposal</SubjectControlled></DublinCore><Date>2018-01-16T16:39:17Z</Date></metadata><Title>Governor Walz Proposes $2.7 billion Local Jobs and Projects Plan020 Governor's 2022 Local Jobs and Projects Plan<custom:Link urlOnly="true" type="Component" destination="tcm:1059-515418" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-01-18T17:00:00ZToday, Governor Walz presented his 2022 Local Jobs and Projects Plan, which focuses on asset preservation, community and equity, environmental stewardship, housing and homelessness, and infrastructure. 1059<img src="/mmb/assets/Budget%20to%20Move%20MN%20Forward-01_tcm1059-515419.png" title="lljp-logo-banner" alt="lljp-logo-banner" style="width: 100%; height: auto" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="lljp-logo-banner" /> Today, Governor Walz presented his 2022 Local Jobs and Projects Plan, which focuses on asset preservation, community and equity, environmental stewardship, housing and homelessness, and infrastructure. This capital budget recommendation includes $2 billion in general obligation bonds and $730 million in other funding sources, including appropriation bonds, general fund cash, trunk highway bonds, trunk highway cash, and user-financed bonds. <img src="/mmb/assets/Local%20Jobs%20and%20Projects%20Pie%20Chart-07_tcm1059-515420.png" title="pie-chart" alt="pie-chart" style="width: 65%; height: auto" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="pie-chart" /> <a href="/mmb/budget/capital-budget/current/fy2024.jsp" class="button-brand-primary" title="000 Intro - Current Capital Budget [LP]" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="000 Intro - Current Capital Budget [LP]">Visit our Capital Budget landing page for additional information and data</a>5154182023-07-17T16:03:35ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374January Revenue and Economic Update010 January Revenue Review and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-515000" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2022-01-10T19:45:00ZNet GF revenues in Nov. and Dec. = $5.0B, $833M (20.2 %) more than forecast. Most of this variance is temporary. Dec. collections included elective Pass-Through Entity Tax payments that will be credited against 2021 indiv. inc. tax. 1059Minnesota’s net general fund receipts for November and December of 2021 are now estimated to total $4.954 billion, $833 million (20.2 percent) more than forecast in the November 2021 Budget and Economic Forecast. However, a substantial portion of December collections are Pass-Through Entity Tax (PTE) estimated payments that will be credited against business owners’ individual income tax liability for TY 2021, lowering income tax final payments and raising refunds in CY 2022. We estimate that about $471 million of the $833 million overall variance arises from this timing shift. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2022/revenue-and-economic-update/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5150002022-01-10T19:45:24ZNews Releases223491Revenue Forecast Uncertainty ReportRevenue Forecast Uncertainty ReportNewsReleaseMinnesotauncertaintyengNews Releases223374December 2021 Revenue Forecast Uncertainty Report 300 December 2021 Forecast Uncertainty Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-513585" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-12-21T16:10:00Z In Minnesota’s November 2021 Budget and Economic Forecast, total revenues for FY 2022-23 are forecast to be $56.037 billion. This forecast was constructed twenty months before the current biennium closes. If this forecast turns out to have the same degree of accuracy as the average of our twenty-months-ahead forecasts, we can expect FY 2022-23 closing revenues to be between $54.167 and $57.907 billion (+/- $1.87 billion).1059Summary of Revenue Forecast Uncertainty for the Current Biennium In Minnesota’s November 2021 Budget and Economic Forecast, total revenues for FY 2022-23 are forecast to be $56.037 billion. This forecast was constructed twenty months before the current biennium closes. If this forecast turns out to have the same degree of accuracy as the average of our twenty-months-ahead forecasts, we can expect FY 2022-23 closing revenues to be between $54.167 and $57.907 billion (+/- $1.87 billion). Estimating Revenue Forecast Uncertainty The difference between the level of revenues forecast and the amount actually collected at the end of a biennium—the forecast error—is a gauge of forecast accuracy. The mean absolute error (MAE) is the average of the errors’ absolute values (that is, treating negative and positive errors the same). Since accuracy in forecasting a single biennium’s revenues improves the closer we get to the end of the two-year period, we calculate separate errors for each time a biennium is part of the forecast: 32, 29, 20, 17, 8 and 5 months from actual. We then average those errors over FY 1990-91 to the most recent closed period, FY 2020-21. Read the complete report on the <a href="https://mn.gov/mmb/forecast/researchanalysis/forecast-uncertainty.jsp">Forecast Uncertainty webpage</a>.5135852021-12-21T16:10:29ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Subject>Monthly Revenue Review</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374November Monthly Revenue Review290 November Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-512526" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-12-10T15:59:31ZNet general fund revenues totaled $1.809 billion in November, $78 million (4.5 percent) more than forecast.1059Net general fund revenues totaled $1.809 billion in November, $78 million (4.5 percent) more than forecast. Net income, sales, and corporate tax receipts were all higher than expected, and net other revenues nearly matched the forecast. For fiscal year 2022, year to date receipts are now $9.777 billion. Because forecast receipts are now updated to reflect the November 2021 Budget and Economic Forecast, the fiscal year-to-date variance is the same dollar amount as the monthly variance, $78 million above the forecast, which is 0.8 percent of fiscal year-to-date forecast revenues. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/monthly-revenue-review/november.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5125262021-12-10T16:32:38ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374November Budget and Economic Forecast 280 November Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-512114" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-12-07T14:47:33ZMinnesota projects a $7.7 billion general fund surplus. Strong growth in income, consumer spending, and corporate profits drove extraordinary revenues in FY 21. Higher tax receipts are expected to continue with improvement of economic outlook. 1059<ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/">Current Operating Budget Webpage </a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/budget-and-economic-forecast/november-2021-forecast.pdf" target="_blank">November 2021 Budget and Economic Forecast</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/budget-and-economic-forecast/november-forecast-presentation-2021.pdf" target="_blank">November 2021 Budget and Economic Forecast Presentation</a></li> </ul> The Minnesota budget and economic outlook is significantly improved in all years of the budget planning horizon. A general fund budget surplus of $7.746 billion is now projected for the FY 2022-23 biennium. Strong growth in income, consumer spending and corporate profits drove extraordinary revenue growth in FY 2021, and higher tax receipts to date in FY 2022 combine with an improved outlook for income, consumer spending and corporate profits to raise the revenue forecast for the current biennium. Estimates for state spending are down slightly in the current biennium. The improved budget forecast triggers a statutory allocation to the budget reserve, leaving the reserve balance at $2.656 billion. While economic uncertainty and the pandemic pose significant risk to the forecast, the improved outlook carries into FY 2024-25 planning estimates. <img src="/mmb/assets/Projected%20Surplus-06_tcm1059-512115.png" title="forecast-graphic" alt="forecast-graphic" style="width: 100%; height: auto" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="forecast-graphic" />5121142021-12-07T16:45:03ZNews Releases223491May Monthly Revenue ReviewMay Monthly Revenue ReviewNewsrevenue and economic updateengNews Releases223374October Monthly Revenue Review260 October Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-508581" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-11-10T17:45:16ZNet general fund revenues totaled $1.994 billion in October 2021, $87 million (4.5 percent) more than forecast in February.1059Net general fund revenues totaled $1.994 billion in October 2021, $87 million (4.5 percent) more than forecast in February. Net receipts from sales and corporate taxes were greater than forecast, more than offsetting lower than expected net individual income and other tax receipts. For fiscal year 2022, year to date receipts are now $7.968 billion, $744 million (10.3 percent) more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/monthly-revenue-review/october.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5085812021-11-10T21:08:02ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374October Revenue and Economic Update240 October Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-502313" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-10-11T19:58:58ZMinnesota’s net general fund receipts for the first quarter of FY 2022 are now estimated to total $5.974 billion, $657 million (12.4 percent) more than forecast in the February 2021 Budget and Economic Forecast. Net receipts exceeded the projection for all major tax types. 1059Minnesota’s net general fund receipts for the first quarter of FY 2022 are now estimated to total $5.974 billion, $657 million (12.4 percent) more than forecast in the February 2021 Budget and Economic Forecast. Net receipts exceeded the projection for all major tax types. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/revenue-and-economic-update/october.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.5023132021-10-13T15:48:14ZNews Releases223491<Publisher/><Subject>News</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Budget Reserve Report220 Budget Reserve Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-501116" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-09-30T15:50:57ZTo adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 4.8 percent of the current biennium’s general fund non-dedicated revenues, or a $2.392 billion budget reserve for the 2022-23 biennium.1059<h2 xmlns="http://www.w3.org/1999/xhtml">Budget Reserve Recommendation.</h2> To adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB), in accordance with Minnesota Statutes section 16A.152 subd.8, recommends a budget reserve target of 4.8 percent1 of the current biennium’s general fund non-dedicated revenues, or a $2.392 billion budget reserve for the 2022-23 biennium. 2At the end of the 2021 regular and special legislative session, Minnesota’s projected FY 2022-23 budget reserve was $1.786 billion. 1 Rounded to the nearest tenth of a percent. 2 Based on end of 2021 regular and special legislative sessions General Fund Balance Analysis. <a href="https://mn.gov/mmb-stat/000/az/forecast/budget-reserve/report-2021.pdf">Read Complete Budget Reserve Report (including table data)</a>5011162021-09-30T16:41:12ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374Minnesota Received Historically Low Interest Rates During 2021 Bond Sale190 GO Bond sale<custom:Link urlOnly="true" type="Component" destination="tcm:1059-495798" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-09-10T20:08:45ZST. PAUL, MN—Yesterday, the State of Minnesota’s $876.2 million general obligation bond sale received interest rates near historic lows. 1059ST. PAUL, MN—Yesterday, the State of Minnesota’s $876.2 million general obligation bond sale received interest rates near historic lows. The proceeds support capital construction projects such as asset preservation, higher education facilities, highway projects, and economic and redevelopment projects previously authorized. There was strong demand for the State’s bonds, and the low borrowing costs will benefit taxpayers as the State starts selling bonds for projects included in the historic 2020 bonding package. “Minnesota continues to manage our debt well, saving taxpayer dollars,” said Minnesota Management and Budget Commissioner Jim Schowalter. “As a AAA-rated state, we received historically low interest rates that allow us to make smart investments in Minnesota, reduce our cost of borrowing, and nimbly respond to challenges created by the COVID-19 pandemic." The two series of general obligation bonds sold include: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>$565,150,000 General Obligation State Various Purpose Bonds, Series 2021A (1.71 percent interest) </li> <li>$311,000,000 General Obligation State Trunk Highway Bonds, Series 2021B (1.49 percent interest) </li> </ul> Ahead of the sale, Fitch and Standard & Poor’s reaffirmed Minnesota’s AAA credit ratings and Moody’s reaffirmed the Aa1 rating reflecting the state’s diverse economy, history of strong financial results, strong governmental framework, and moderate debt levels. A state’s credit ratings play an important role in obtaining low interest rates for a bond sale. AAA is the highest credit rating awarded by the agencies. The Series 2021A Bonds were sold in two transactions to separate bidding groups. Kutak Rock acted as bond counsel on the transaction and Public Resources Advisory Group was the state’s financial advisor for the sale.4957982021-09-30T16:05:54ZNews Releases223491May Monthly Revenue ReviewMay Monthly Revenue ReviewNewsrevenue and economic updateengNews Releases223374August Monthly Revenue Review200 August Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-497179" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-09-10T16:59:58ZNet general fund revenues totaled $1.790 billion in August, $124 million (7.5 percent) more than forecast in February. 1059Net general fund revenues totaled $1.790 billion in August, $124 million (7.5 percent) more than forecast in February. Net individual income, sales, and corporate tax revenues exceeded the forecast, and other tax revenues were lower than expected. For fiscal year 2022, year to date receipts are now $3.097 billion, $192 million (6.6 percent) more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/monthly-revenue-review/august.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4971792021-09-30T16:06:46ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Bond</Subject><Subject>Fiscal</Subject><Subject>Rating</Subject><Subject>Budget</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Minnesota's top-tier economic and well-being status 210 Minnesota's top-tier economic and well-being status<custom:Link urlOnly="true" type="Component" destination="tcm:1059-498123" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-09-03T17:45:06Z Top financial analysts reaffirmed Minnesota's AAA rating - the highest rating awarded by the analysts. 1059Top financial analysts Fitch and Standard & Poor’s reaffirmed Minnesota’s AAA rating, the highest rating awarded by the analysts. Fitch and Standard & Poor’s ratings reflect the state’s diverse economy, history of strong financial results, strong governmental framework, and moderate debt levels. Minnesota's hard work and adaptability through COVID-19 is seeing benefits through a strong economy and safe citizens. According to Fitch, “state government is more than just dollars and cents; it’s also about the safety and well-being of the population.” Statement from Commissioner Schowalter: “Minnesota’s improved outlook and AAA ratings show our state’s enduring strength. Even after a tough year, investors can have confidence in the state’s fundamentals, including balanced economy, strong management, and commitment to progress that achieved a bipartisan budget compromise. Top ratings bolster our ability to continue making smart investments in Minnesota’s future by lowering interest rates for the state and reducing our cost of borrowing. Our ratings show that we have strong finances and also the ability to respond to challenges created by the pandemic.” Statement from Governor Tim Walz: "Minnesota’s AAA rating from Fitch and Standard & Poor’s is a testament to our strong overall fiscal position and handling of the COVID-19 pandemic. Our economy is strong, and together, we are keeping Minnesotans safe and protecting the wellbeing of our state. Now, we need to keep investing in all Minnesotans, so our economy works for everyone, everywhere in Minnesota—not just those at the top.” Statement from Lieutenant Governor Peggy Flanagan: “I am proud that Minnesota has maintained our stellar AAA rating by investing in the things that matter most during an unprecedented moment in our history. We know the pandemic did not impact everyone equally, however, and we must continue to lift everyone up as we recover.”4981232021-09-15T18:03:11ZNews Releases223491May Monthly Revenue ReviewMay Monthly Revenue ReviewNewsrevenue and economic updateengNews Releases223374July Monthly Revenue Review170 July Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-493459" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-08-10T15:29:30ZMN net general fund revenues= $1.307B in July, $67M (5.4%) more than forecast. Net receipts from individual income taxes were below the forecast, while receipts from sales, corporate, and other taxes exceeded the forecast. 1059Net general fund revenues totaled $1.307 billion in July, $67 million (5.4 percent) more than forecast. Net receipts from individual income taxes were below the forecast, while receipts from sales, corporate, and other taxes exceeded the forecast. July is the first month of FY 2022, so the fiscal year variance is the same as the monthly variance. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/monthly-revenue-review/july.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4934592021-08-10T16:14:33ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374July Revenue and Economic Update150 July Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-489395" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-07-12T19:02:02ZMinnesota’s net general fund receipts for FY 2021 are now estimated to total $26.582 billion, $2.684 billion (11.2 percent) more than projected in the February 2021 Budget and Economic Forecast. Net receipts from all major taxes exceeded the forecast. State revenues in the final quarter of FY 2021 were $2.121 billion (28.7 percent) more than forecast in February. 1059Minnesota’s net general fund receipts for FY 2021 are now estimated to total $26.582 billion, $2.684 billion (11.2 percent) more than projected in the February 2021 Budget and Economic Forecast. Net receipts from all major taxes exceeded the forecast. State revenues in the final quarter of FY 2021 were $2.121 billion (28.7 percent) more than forecast in February. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/revenue-and-economic-update/july.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4893952021-07-12T19:03:18ZNews Releases223491May Monthly Revenue ReviewMay Monthly Revenue ReviewNewsrevenue and economic updateengNews Releases223374May Monthly Revenue Review130 May Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-484801" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-06-10T15:17:44ZNet general fund revenues totaled $3.306 billion in May, $1.796 billion (119.0 percent) more than projected. Net receipts from individual income, sales, and corporate taxes for the month exceeded the forecast, while other revenues matched the forecast. 1059Net general fund revenues totaled $3.306 billion in May, $1.796 billion (119.0 percent) more than projected. Net receipts from individual income, sales, and corporate taxes for the month exceeded the forecast, while other revenues matched the forecast. Normally, most tax year 2020 individual income tax payments would have been made in April, however, this year taxpayers were allowed to delay final and extension payments until May 17. The filing delay contributed to the income tax variance for the month of May. For fiscal year 2021, year to date receipts are now $23.113 billion, $2.170 billion (10.4 percent) more than projected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/monthly-revenue-review/may.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4848012021-06-10T16:09:20ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374April Monthly Revenue Review110 April Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-481491" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-05-10T19:17:26ZNet general fund revenues totaled $2.748 billion in April, $189 million (6.4 percent) less than projected. Net receipts from sales, corporate, and other taxes for the month exceeded the projection, while net individual income tax revenues were lower than expected. 1059Net general fund revenues totaled $2.748 billion in April, $189 million (6.4 percent) less than projected. Net receipts from sales, corporate, and other taxes for the month exceeded the projection, while net individual income tax revenues were lower than expected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/monthly-revenue-review/april.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4814912021-05-10T19:56:30ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374April Revenue and Economic Update090 April Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-476201" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-04-12T16:38:31ZMinnesota’s net general fund receipts for February and March 2021 are now estimated to total $3.335 billion, $565 million (20.4 percent) more than forecast in the February 2021 Budget and Economic Forecast. 1059Minnesota’s net general fund receipts for February and March 2021 are now estimated to total $3.335 billion, $565 million (20.4 percent) more than forecast in the February 2021 Budget and Economic Forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/monthly-revenue-review/march.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4762012021-06-23T18:24:11ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374February Monthly Revenue Review070 February Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-471292" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-03-10T18:05:00ZNet general fund revenues totaled $1.315 billion for the month of February, $55 million (4.4 percent) more than forecast. 1059Net general fund revenues totaled $1.315 billion for the month of February, $55 million (4.4 percent) more than forecast. Net receipts from individual income taxes for the month were lower than forecast, and corporate, sales and other tax revenues were above the forecast. For fiscal year 2021, year to date receipts are now $15.041 billion. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/monthly-revenue-review/february.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4712922021-03-10T18:05:49ZNews Releases223491Budget and Economic Forecast February 2020Budget and Economic Forecast Amy JorgensonBudget and Economic ForecastFebruary Forecast2020 Forecast BudgetengNews Releases Page223492State of Minnesota Releases February 2021 Budget and Economic Forecast 050 February 2021 Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-469530" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-02-26T19:30:00ZMinnesota’s budget outlook is significantly better for this biennium and the next due to an improved U.S. economic outlook that is bolstered by large federal actions that have emerged since November and were not incorporated in earlier projections.1059Minnesota’s budget outlook is significantly better for this biennium and the next due to an improved U.S. economic outlook that is bolstered by large federal actions that have emerged since November and were not incorporated in earlier projections. There is no longer an anticipated shortfall for FY 2022-23 and we now project a positive balance of $1.6 billion because of a higher revenue forecast, lower state spending, and an increased surplus for the current fiscal year. Improvements to the economic outlook have not been spread equally as unemployment continues to disproportionately impact lower-wage workers. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/">Current Operating Budget Webpage </a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/budget-and-economic-forecast/february-2021-forecast.pdf" target="_blank">February 2021 Budget and Economic Forecast</a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/budget-and-economic-forecast/february-forecast-2021-presentation.pdf" target="_blank">February 2021 Budget and Economic Forecast Presentation</a></li> </ul>4695302021-02-26T19:33:30ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374January Monthly Revenue Review040 January Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-467839" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-02-10T16:44:08ZNet general fund revenues totaled $2.403 billion in January, $296 million (14.1 percent) more than forecast. 1059Net general fund revenues totaled $2.403 billion in January, $296 million (14.1 percent) more than forecast. Net receipts from the individual income, sales, and corporate taxes were above the forecast, while net other tax receipts matched the forecast. For fiscal year 2021, year to date receipts are now $13.727 billion, $459 million (3.5 percent) more than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/monthly-revenue-review/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4678392021-02-10T17:54:53ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374Governor Tim Walz releases Minnesota’s COVID-19 Recovery Budget020 Minnesota's COVID-19 Recovery Budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-466434" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-01-26T16:24:18ZGovernor Tim Walz releases the state budget recommendations for the next biennium. The supporting documents for Minnesota’s COVID-19 Recovery Budget are published in the Budget content area on the Minnesota Management and Budget website. 1059Governor Tim Walz releases the state budget recommendations for the next biennium. The supporting documents for Minnesota’s COVID-19 Recovery Budget are published in the <a href="https://mn.gov/mmb/budget/current-budget/governors-budget-recommendations/">Budget content area on the Minnesota Management and Budget website</a>.4664342021-01-26T17:45:29ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374January Revenue and Economic Update010 January Revenue Review and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-462733" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2021-01-11T19:31:08ZMinnesota’s net general fund receipts for November and December of FY 2021 are now estimated to total $4.098 billion, $167 million (4.3 percent) more than forecast in the November 2020 Budget and Economic Forecast. Net receipts exceeded the forecast for sales, corporate, and other taxes, more than offsetting net individual income tax receipts that were below the forecast. 1059Minnesota’s net general fund receipts for November and December of FY 2021 are now estimated to total $4.098 billion, $167 million (4.3 percent) more than forecast in the November 2020 Budget and Economic Forecast. Net receipts exceeded the forecast for sales, corporate, and other taxes, more than offsetting net individual income tax receipts that were below the forecast. Because forecast receipts are now updated to reflect the November 2020 Budget and Economic Forecast, the fiscal year-to-date variance is the same dollar amount as the quarterly variance, $167 million above the forecast, which is 1.5 percent of fiscal year-to-date forecast revenues. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2021/revenue-and-economic-update/january.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4627332021-01-19T15:36:03ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374November Monthly Revenue Review020 November Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-457805" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-12-10T20:00:00ZNet general fund revenues totaled $1.671B in November, $50M (3.1%) more than forecast. Higher than expected sales & corporate tax revenue more than offset individual income & other tax receipts that were less than expected. 1059Net general fund revenues totaled $1.671B in November, $50M (3.1%) more than forecast. Higher than expected sales & corporate tax revenue more than offset individual income & other tax receipts that were less than expected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2020/monthly-revenue-review/november-2020.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4578052020-12-10T20:04:18ZNews Releases223491Budget and Economic Forecast February 2020Budget and Economic Forecast Amy JorgensonBudget and Economic ForecastFebruary Forecast2020 Forecast BudgetengNews Releases Page223492State of Minnesota Releases November 2020 Budget and Economic Forecast 350 November 2020 Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-456903" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-12-03T15:15:17ZMinnesota’s economic and budget outlook have improved since May, when we released a budget projection just as the COVID-19 pandemic was taking hold. With this forecast, higher general fund revenues and lower expected spending result in a projected surplus of $636 million* for the FY 2020-21 biennium. *Revised to account for a required transfer from the general fund to the 21st Century Minerals fund when a surplus is projected. 1059Minnesota’s economic and budget outlook have improved since May, when we released a budget projection just as the COVID-19 pandemic was taking hold. With this forecast, higher general fund revenues and lower expected spending result in a projected surplus of $636 million* for the FY 2020-21 biennium. The improved budget outlook continues into FY 2022-23, but a $1.273 billion budgetary shortfall remains for that biennium. As the pandemic continues, economic challenges also persist. Minnesota has 184,000 fewer jobs than in February and, while the economic downturn has affected all Minnesotans, unemployment has disproportionately impacted lower wage workers. *Revised to account for a required transfer from the general fund to the 21st Century Minerals fund when a surplus is projected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/budget/current-budget/current/">Current Operating Budget Webpage </a></li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2020/budget-and-economic-forecast/november-2020-forecast.pdf" target="_blank">November 2020 Budget and Economic Forecast</a> (posted Dec. 3, 2020)</li> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2020/budget-and-economic-forecast/november-2020-forecast-presentation.pdf" target="_blank">November 2020 Budget and Economic Forecast Presentation</a> (updated Dec. 3, 2020)</li> </ul>4569032020-12-04T18:12:57ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374October Monthly Revenue Review330 October Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-452975" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-11-10T16:40:44ZNet general fund revenues totaled $1.960 billion in October 2020, $212 million (12.2 percent) more than projected in May. 1059Net general fund revenues totaled $1.960 billion in October 2020, $212 million (12.2 percent) more than projected in May. Receipts from the net individual income, sales, and corporate taxes were greater than projected, more than offsetting lower than expected net other tax receipts. For fiscal year 2021, year to date receipts are now $7.231 billion, $805 million (12.5 percent) more than projected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2020/monthly-revenue-review/october-2020.pdf" target="_blank">View the full memo, including tabular data</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4529752020-11-10T18:10:34ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374October Revenue and Economic Update010 October Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-449879" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-10-12T20:21:01ZMinnesota’s net general fund receipts for the first quarter of FY 2021 are now estimated to total $5.270 billion, $593 million (12.7 percent) more than projected in the May 2020 Interim Budget Projection. Net receipts exceeded the projection for all major tax types.1059Minnesota’s net general fund receipts for the first quarter of FY 2021 are now estimated to total $5.270 billion, $593 million (12.7 percent) more than projected in the May 2020 Interim Budget Projection. Net receipts exceeded the projection for all major tax types. <a href="https://mn.gov/mmb-stat/000/az/forecast/2020/revenue-and-economic-update/october.pdf">View complete October 2020 Revenue and Economic Update, including tabular data </a> <a href="https://mn.gov/mmb/forecast/update/">Monthly and quarterly updates webpage</a>4498792020-10-12T20:45:16ZNews Releases223491<Publisher/><Subject>News</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Budget Reserve Report300 Budget Reserve Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-448802" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-09-30T16:59:00ZTo adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 4.8 percent of the current biennium’s general fund non-dedicated revenues, or a $2.143 billion budget reserve for the 2020-21 biennium.1059Budget Reserve Recommendation. To adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB), in accordance with Minnesota Statutes section 16A.152 subd.8, recommends a budget reserve target of 4.8 percent1 of the current biennium’s general fund non-dedicated revenues, or a $2.143 billion budget reserve for the 2020-21 biennium.2 At the end of the 2020 regular and special legislative sessions, Minnesota’s projected FY 2020-21 budget reserve was $2.377 billion. The recommended reserve percentage is based on MMB’s assessment of volatility in Minnesota’s revenue system. We examine the variability over time of the state’s major tax bases and changes in the composition of tax revenues. The recommended reserve percentage assumes the budget is structurally balanced through the remainder of the biennium, and policymakers desire a 95 percent level of confidence that a biennial deficit generated by revenue volatility will not exceed the budget reserve. We have reviewed the revenue volatility model and updated it to reflect an additional year of data. Note that the update does not include the impact of the 2020 economic downturn on tax base volatility, because data reflecting that impact is not yet available. The result of our analysis is an estimated degree of revenue system volatility that is slightly lower than what we found last year, driven by declining volatility in the bases of the individual income tax and general sales taxes. Consequently, we have decreased the recommended percentage of revenues to 4.8 percent from the 4.9 percent recommendation in our September 2019 report. The recommended reserve level of $2.143 billion is derived by multiplying the recommended reserve percentage by the latest estimate of current biennium general fund non-dedicated revenue. In May, we reduced our revenue projection from the prior forecast. Together with the lower recommended percentage, the lower revenue projection reduces the recommended size of the reserve from the prior level. The target is for the budget reserve account alone. Minnesota also has a cash flow account, which is intended to offset potential cash shortages caused by a mismatch between monthly revenue collections and spending. The cash flow account is currently funded at $350 million. 1Rounded to the nearest tenth of a percent. 2Based on end of 2020 regular and special legislative sessions General Fund Balance Analysis. <a href="https://mn.gov/mmb-stat/000/az/forecast/budget-reserve/report-2020.pdf">Read Complete Budget Reserve Report (including table data)</a>4488022020-09-30T17:25:33ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374August Monthly Revenue Review290 August Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-446004" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-09-10T17:25:25ZNet general fund revenues totaled $1.571 billion in August, $202 million (14.8 percent) more than projected in the May Interim Budget Projection. 1059Net general fund revenues totaled $1.571 billion in August, $202 million (14.8 percent) more than projected in the May Interim Budget Projection. Net individual income, sales, and corporate tax revenues exceeded the projection, and other tax revenues were lower than expected. For fiscal year 2021, year to date receipts are now $2.903 billion, $380 million (15.1 percent) more than projected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2020/monthly-revenue-review/august-2020.pdf" target="_blank">View the full memo, including tabular data</a>.</li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page.</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4460042020-09-10T20:45:40ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374Minnesota Launches New Tools for COVID-19 Response Accountability280 Minnesota Launches New Tools for COVID-19 Response Accountability<custom:Link urlOnly="true" type="Component" destination="tcm:1059-445598" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-09-03T19:12:04ZST. PAUL, MN—Minnesota Management and Budget (MMB) launched a new report and website detailing expenditures from the Coronavirus Relief Fund (CRF). 1059ST. PAUL, MN—Minnesota Management and Budget (MMB) launched a new report and website detailing expenditures from the Coronavirus Relief Fund (CRF). <a href="https://mn.gov/mmb/assets/August%2031%20CRF%20Expenditure%20Report%20with%20Cover%20Letter_tcm1059-445330.pdf">The report</a>, which was released with a letter from MMB Commissioner Myron Frans, includes a detailed look at how the CRF has been disbursed in support of the health, safety and security of Minnesotans. <a href="https://mn.gov/mmb/transparency-mn/covid19-checkbook/">The website</a> was launched in partnership with the TransparencyMN initiative and provides checkbook-level detail of CRF and other COVID-19 related budgeting and spending. “This work is another example of Minnesota modeling how to manage finances in a transparent and accountable manner,” said MMB Commissioner Myron Frans. “Minnesotans deserve to know where the CRF funds are being spent and what Governor Walz and the Legislature are doing together to protect their health, safety and security.” The State of Minnesota is using three sources of funds to respond to the COVID-19 pandemic. The Legislature and Walz Administration took swift action in March to pass more than $554 million in state funding, including the $200 million COVID-19 Minnesota fund. In April, the state was allocated $2.187 billion from the CRF, which was part of the federal CARES Act. Grants and formula allocations have also been sent directly from the federal government to state agencies for a wide range of federal programs including education, food security, housing and transportation support. By mid-May, more than 90% of the state dollars had been allocated. This funding gave the Walz Administration the opportunity to make critical purchases quickly while working with the Legislature on how best to spend the federal CRF dollars. Remaining funds allow for some flexibility with resources so Minnesota is prepared to respond to the potential changes in the course and severity of the pandemic this fall and winter. Along with funding to respond to the most pressing needs of Minnesotans, the state prioritized transparency and accountability in guiding disbursement of the funds. The Walz Administration created a COVID-19 Response Accountability Office (CRAO) to monitor both state appropriations and federal funds, and coordinate budgeting, accounting, and internal controls activities for COVID-related funding. “Transparency and accountability are never more important than when facing a crisis,” said Amy Jorgenson, the director of the COVID-19 Response Accountability Office. “We know public trust is important and that trust doesn’t happen overnight. The CRAO resources we’re launching today provide an opportunity for the public to see where these relief dollars have gone and understand the breadth of Minnesota’s COVID-19 response.” The <a href="https://mn.gov/mmb/covid-19-response-accountability-office/" target="_blank">CRAO reports</a> to the Legislature with timely funding data that shares background information, allocation process, and uses of the CRF. The next CRF expenditure report will be released later in September. 4455982020-09-03T19:13:01ZNews Releases223491Budget and Economic Forecast February 2020Budget and Economic Forecast Amy JorgensonBudget and Economic ForecastFebruary Forecast2020 Forecast BudgetengNews Releases Page223492Minnesota Received Record Low Interest Rates During Historic $1.2 Billion Bond Sale260 Minnesota Received Record Low Interest Rates During Historic $1.2 Billion Bond Sale<custom:Link urlOnly="true" type="Component" destination="tcm:1059-443519" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-08-12T14:56:26ZSaves Taxpayers More Than $100 Million This Year1059ST. PAUL, MN—Today, the State of Minnesota’s $1.2 billion general obligation bond sale received historically low interest rates. The proceeds support capital construction projects such as asset preservation, higher education facilities, highway projects, and economic and redevelopment projects previously authorized. As part of the sale, Minnesota refinanced $704 million in existing bonds saving the state approximately $105 million, which includes $42 million in savings to the general fund and $48 million in savings to the trunk highway fund for Fiscal Year 2021. Like refinancing a house, the state actively monitors interest rates and identifies opportunities for savings. By refinancing state debt at the right time and taking advantage of historically low interest rates, Minnesota is responsibly managing debt and saving taxpayer money. Additionally, the November forecast will show an additional benefit from today’s low interest rates when we next reforecast ongoing debt service costs. Compared to today’s interest rates, the February 2020 forecast had assumed an interest rate of 3.2% for this year’s bond sales. “The timing couldn’t be more perfect to conduct our biggest bond sale ever and earn the best interest rates in our state’s bond sale history,” said Minnesota Management and Budget Commissioner Myron Frans. “Today’s successful sale allows us to continue to make investments in vital public works projects and save taxpayers more than $100 million.” The seven series of general obligation bonds sold today include: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>$330,360,000 General Obligation State Various Purpose Bonds, Series 2020A (1.596 percent interest) </li> <li>$152,020,000 General Obligation State Trunk Highway Bonds, Series 2020B (1.256 percent interest) </li> <li>$20,515,000 General Obligation Taxable State Various Purpose Bonds, Series 2020C (1.259 percent interest) </li> <li>$128,115,000 General Obligation State Various Purpose Refunding Bonds, Series 2020D (0.158 percent interest) </li> <li>$163,380,000 General Obligation State Trunk Highway Refunding Bonds, Series 2020E (0.449 percent interest) </li> <li>$223,970,000 General Obligation Taxable State Various Purpose Refunding Bonds, Series 2020F (0.976 percent interest) </li> <li>$180,190,000 General Obligation Taxable State Trunk Highway Refunding Bonds, Series 2020G (0.946 percent interest) </li> </ul> Kutak Rock acted as bond counsel on the transaction and Public Resources Advisory Group was the state’s financial advisor for the sale. Ahead of the sale, Minnesota’s credit ratings were reaffirmed by Fitch (AAA, stable outlook), Standard & Poor’s (AAA, negative outlook), and Moody’s (Aa1, stable outlook). A state’s credit ratings play an important role in obtaining low interest rates for a bond sale. AAA is the highest credit rating awarded by the agencies.4435192020-08-12T14:56:56ZNews Releases223491Budget and Economic Forecast February 2020Budget and Economic Forecast Amy JorgensonBudget and Economic ForecastFebruary Forecast2020 Forecast BudgetengNews Releases Page223492July Monthly Revenue Review240 July Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-443218" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-08-10T15:16:50ZNet general fund revenues totaled $1.332 billion in July, $178 million (15.4 percent) more than projected.1059Net general fund revenues totaled $1.332 billion in July, $178 million (15.4 percent) more than projected. Net receipts from all major tax types for the month exceeded the projection. July is the first month of FY 2021, so the fiscal year variance is the same as the monthly variance. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2020/monthly-revenue-review/july-2020.pdf" target="_blank">View the full memo, including tabular data</a>.</li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page.</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4432182020-08-10T16:00:54ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374July 31 Revenue Update210 July 31 Revenue Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-442453" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-07-31T16:41:02ZIn preparation for the August sales, MMB is releasing a revenue update with planning estimates for the 2022-23 biennium.1059In preparation for the August sales, MMB is releasing a <a href="https://mn.gov/mmb-stat/000/az/forecast/2020/revenue-update/revenue-update-7-31-20.pdf" target="_blank">revenue update</a> with planning estimates for the 2022-23 biennium. The revenue update confirms the May 2020 Interim Budget Projection, including the projected deficit for the current biennium. Minnesota’s net general fund receipts for Fiscal Year 2020 are now estimated to total $22.890 billion. This is $58 million or 0.3 percent lower than the May Interim Budget Projection. As we plan for 2022-23, the planning estimates show a projected revenue shortfall of $4.7 billion due to lower revenue and higher expenditure projections.4424532020-07-31T17:00:25ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374July Revenue and Economic Update200 July Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-439775" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-07-10T20:05:08ZMinnesota net general fund receipts for FY20 are estimated to total $21.798B, $168M (0.8%) more than May’s Interim Budget Projection. Net tax receipts exceeded the projection for income, corporate, and sales taxes, more than offsetting other taxes that were lower than projected.1059Minnesota net general fund receipts for FY20 are estimated to total $21.798B, $168M (0.8%) more than May’s Interim Budget Projection. Net tax receipts exceeded the projection for income, corporate, and sales taxes, more than offsetting other taxes that were lower than projected. <a href="https://mn.gov/mmb-stat/000/az/forecast/2020/revenue-and-economic-update/july.pdf">View complete July 2020 Revenue and Economic Update, including tabular data </a> <a href="https://mn.gov/mmb/forecast/update/">Monthly and quarterly updates webpage</a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2020/revenue-and-economic-update/july.pdf" />4397752020-07-10T21:30:09ZNews Releases223491Budget and Economic Forecast February 2020Budget and Economic Forecast Amy JorgensonBudget and Economic ForecastFebruary Forecast2020 Forecast BudgetengNews Releases Page223492May Monthly Revenue Review170 May Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-435420" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-06-10T15:19:52ZNet general fund revenues totaled $1.497 billion in May, $20 million (1.3 percent) less than projected.1059Net general fund revenues totaled $1.497 billion in May, $20 million (1.3 percent) less than projected. Net receipts from individual income and sales taxes for the month exceeded the projection, while corporate tax receipts and other revenues were lower than expected. For fiscal year 2020, year to date receipts are now $19.016 billion, $9 million (0.0 percent) less than projected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2020/monthly-revenue-review/may-2020.pdf" target="_blank">View the full memo, including tabular data</a>.</li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page.</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4354202020-06-10T16:58:43ZNews Releases223491Budget and Economic Forecast February 2020Budget and Economic Forecast Amy JorgensonBudget and Economic ForecastFebruary Forecast2020 Forecast BudgetengNews Releases Page223492April Monthly Revenue Review150 April Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-431594" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-05-11T16:48:42ZNet general fund revenues totaled $1.716 billion in April, $12 million (0.7 percent) more than the interim budget projection released earlier this month.1059Minnesota's net general fund revenues totaled $1.716 billion in April, $12 million (0.7 percent) more than projected. Net receipts from individual income, sales, and corporate taxes for the month exceeded the projection, while other revenues were lower than expected. Normally, most tax year 2019 individual income tax payments would be made in April, however, this year taxpayers may delay final and extension payments until July 15. For fiscal year 2020, year to date receipts are now $17.519 billion, $12 million (0.1 percent) more than projected. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2020/monthly-revenue-review/may.pdf" target="_blank">View the full memo, including tabular data</a>.</li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page.</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4315942020-05-11T17:05:20ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374May 2020 Interim Budget Projection140 May Interim Budget Projection<custom:Link urlOnly="true" type="Component" destination="tcm:1059-430876" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-05-05T16:26:03ZMinnesota’s budget and economic outlook has significantly worsened since the coronavirus pandemic. A deficit of $2.426 billion is now projected for the current biennium, which is almost a $4 billion change compared to the February forecast.1059Minnesota’s budget and economic outlook has significantly worsened since the coronavirus pandemic. A deficit of $2.426 billion is now projected for the current biennium, which is almost a $4 billion change compared to the February forecast. Revenues are expected to be $3.611 billion lower and spending, including appropriations enacted since February, is expected to be $391 million higher. The $2.359 billion budget reserve remains available to mitigate the budgetary impact of the crisis. Given the uncertainty about the path of pandemic, the economic outlook will remain volatile for some time. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/budget/may-interim-budget-projection-document.pdf">Read the Complete May Interim Budget Projection Document (PDF version)</a></li> <li><a href="https://mn.gov/mmb-stat/budget/may-interim-budget-projection-slides.pdf" target="_blank">May Interim Budget Projection Presentation (PDF)</a></li> <li><a href="https://mn.gov/mmb/budget/current-budget/current/">Current Operating Budget Webpage </a></li> </ul>4308762020-05-05T18:47:59ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374April Revenue and Economic Update110 April Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-427789" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-04-10T19:30:00ZMinnesota’s net general fund receipts totaled $2.592 billion during the months of February and March 2020, or $103 million (3.8 percent) less than projected in the February 2020 Budget and Economic Forecast. 1059Minnesota’s net general fund receipts totaled $2.592 billion during the months of February and March 2020, or $103 million (3.8 percent) less than projected in the February 2020 Budget and Economic Forecast. Total net receipts for March were $1.581 billion, $62 million (3.8 percent) less than forecast. This shortfall reflects the pace of income tax refund processing, payment delays, and the beginning of the impact of deteriorating economic conditions on state tax revenues. <a href="https://mn.gov/mmb-stat/000/az/forecast/2020/revenue-and-economic-update/april.pdf">View complete April 2020 Revenue and Economic Update, including tabular data</a>4277892020-04-10T19:30:30ZNews Releases223491Revenue Forecast Uncertainty ReportRevenue Forecast Uncertainty ReportNewsReleaseMinnesotauncertaintyengNews Releases223374Centennial Office Building is only open to authorized employees.100 Critical Services hours and contact info<custom:Link urlOnly="true" type="Component" destination="tcm:1059-425553" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-04-09T15:56:10ZWe are still providing critical services to our customers and agency partners. 1059Centennial Office Building (COB) is open only to authorized employees to protect the health of all Minnesotans and help our community reduce the spread of COVID-19. <h2 xmlns="http://www.w3.org/1999/xhtml">We are still providing critical services to our customers and agency partners. Here’s how you can access Minnesota Management and Budget (MMB) services:</h2> <h3 xmlns="http://www.w3.org/1999/xhtml"> </h3> <h3 xmlns="http://www.w3.org/1999/xhtml">Treasury Window</h3> Warrant (check) cashing <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Hours: 9 a.m. to noon and 2 to 3:30 p.m. on Wednesday and Friday</li> <li>Contact: 651-259-3769</li> </ul> State agency deposits If your state agency requires MMB employee assistance with its deposits, employees are available during the following hours of operation: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Hours: 9 a.m. to noon and 2 to 3:30 p.m. Monday through Friday</li> <li>Contact: 651-259-3769</li> </ul> <h3 xmlns="http://www.w3.org/1999/xhtml">Vendor Payments </h3> <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Hours: 7 a.m. to 1 p.m.</li> <li>Contact: <ul> <li>651-201-8188 (Monday through Wednesday)</li> <li>651-201-8184 (Thursday and Friday)</li> </ul> </li> </ul> <h3 xmlns="http://www.w3.org/1999/xhtml">General MMB Information </h3> <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Hours: 8 a.m. to 4:30 p.m. (Monday through Friday)</li> <li>Contact: 651-201-8000 or 651-201-8080</li> </ul>4255532021-08-26T16:57:31ZNews Releases223491Revenue Forecast Uncertainty ReportRevenue Forecast Uncertainty ReportNewsReleaseMinnesotauncertaintyengNews Releases223374March 2020 Revenue Forecast Uncertainty Report 090 March 2020 Forecast Uncertainty Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-422840" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-03-12T20:26:47Z 1059Summary of Revenue Forecast Uncertainty for the Current Biennium In Minnesota’s February 2020 Budget and Economic Forecast, total revenues for FY 2020-21 are forecast to be $48.752 billion. This forecast was constructed seventeen months before the current biennium closes. If this forecast turns out to have the same degree of accuracy as the average of our seventeen-months-ahead forecasts, we can expect FY 2020-21 closing revenues to be between $47.352 and $50.152 billion (+/- $1.40 billion). Estimating Revenue Forecast Uncertainty The difference between the level of revenues forecast and the amount actually collected at the end of a biennium—the forecast error—is a gauge of forecast accuracy. The mean absolute error (MAE) is the average of the errors’ absolute values (that is, treating negative and positive errors the same). Since accuracy in forecasting a single biennium’s revenues improves the closer we get to the end of the two-year period, we calculate separate errors for each time a biennium is part of the forecast: 32, 29, 20, 17, 8 and 5 months from actual. We then average those errors over FY 1990-91 to the most recent closed period, FY 2018-19. Read the complete report in the <a href="https://mn.gov/mmb/forecast/researchanalysis/">Reports, Presentations and Data section</a> of the Minnesota Management and Budget website.4228402020-03-12T20:30:20ZNews Releases223491Budget and Economic Forecast February 2020Budget and Economic Forecast Amy JorgensonSupplemental BudgetBudget2020engNews Releases Page223492Governor’s 2020 Supplemental Budget Recommendations080 Governor's Supplemental Budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-422736" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-03-12T14:58:01ZThe Governor’s 2020 supplemental budget prioritizes fiscal stability and addressing emergency response and preparedness needs across the state. 1059In his 2022 supplemental budget proposal the Governor is proposing general fund budget changes, including the general fund impact of the 2020 Local Jobs and Projects Plan released in January, that total $346 million. The Governor’s priority with this budget proposal is ensuring fiscal stability and addressing emergency response and preparedness needs across the state. The proposed supplemental budget maintains structural balance and includes replenishment of the budget reserve. The Governor’s supplemental budget leaves $1.167 billion on the bottom line in addition to $2.359 billion in the budget reserve. <a href="https://mn.gov/mmb/budget/current-budget/governors-budget-recommendations/">Governor's proposed 2020 Supplemental Budget </a>4227362020-03-12T15:28:36ZNews Releases223491Budget and Economic Forecast February 2020Budget and Economic Forecast Amy JorgensonBudget and Economic ForecastFebruary Forecast2020 Forecast BudgetengNews Releases Page223492February Monthly Revenue Review070 February Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-422537" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-03-10T18:00:20ZNet general fund revenues totaled $1.011 billion for the month of February, $41 million (3.9 percent) less than forecast. 1059Net general fund revenues totaled $1.011 billion for the month of February, $41 million (3.9 percent) less than forecast. Net receipts from individual and corporate income taxes for the month were lower than forecast, net sales tax revenues were above the forecast, and other tax revenues matched the forecast. For fiscal year 2020, year to date receipts are now $14.223 billion. Because forecast receipts are now updated to reflect the February 2020 Budget and Economic Forecast, the fiscal year-to-date variance is the same dollar amount as the monthly variance, $41 million below the forecast, which is 0.3 percent of fiscal year-to-date revenues. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2020/monthly-revenue-review/february.pdf" target="_blank">View the full memo, including tabular data</a>.</li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page.</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4225372020-03-10T18:09:58ZNews Releases223491Budget and Economic Forecast February 2020Budget and Economic Forecast Amy JorgensonBudget and Economic ForecastFebruary Forecast2020 Forecast BudgetengNews Releases Page223492State of Minnesota Releases February 2020 Budget and Economic Forecast060 Febraury 2020 Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-421162" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-02-27T20:30:15ZMinnesota’s budget and economic outlook remain stable. A small increase to the general fund revenue forecast along with a similar-sized reduction in spending estimates result in a projected surplus of $1.513 billion for the FY 2020-21 biennium, $181 million larger than the November estimate. 1059Minnesota’s budget and economic outlook remain stable. A small increase to the general fund revenue forecast along with a similar-sized reduction in spending estimates result in a projected surplus of $1.513 billion for the FY 2020-21 biennium, $181 million larger than the November estimate. As in November, the economic outlook is stable but a slowdown remains in the forecast. The small budgetary improvement continues into the next biennium and the structural balance is improved, but budget challenges remain. <a href="/mmb/forecast/forecast/index.jsp" title="020 Budget & Economic Forecast: Right Sidebar" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="020 Budget & Economic Forecast: Right Sidebar">Read the complete document </a> 4211622021-04-02T15:18:08ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>General641January Monthly Revenue Review 040 January monthly revenue memo<custom:Link urlOnly="true" type="Component" destination="tcm:1059-419674" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-02-10T17:30:00ZNet general fund revenues totaled $2.295 billion in January, $228 million (9.0 percent) less than forecast. 1059Net general fund revenues totaled $2.295 billion in January, $228 million (9.0 percent) less than forecast. Net receipts from the individual income, corporate, and other taxes were below the forecast, while net sales tax receipts were more than forecast. For fiscal year 2020, year to date receipts are now $13.212 billion, $76 million (0.6 percent) less than forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2020/monthly-revenue-review/january.pdf">View the full memo, including tabular data.</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page.</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.4196742020-02-10T17:31:02ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled>Budget, Proposal</SubjectControlled></DublinCore><Date>2018-01-16T16:39:17Z</Date></metadata><Title>Governor Walz proposes 2020 Local Jobs and Projects Plan020 Governor's 2020 Proposed Capital Budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-416240" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-01-15T16:00:00ZThis capital budget makes critical investments across the state, ensuring state facilities and local infrastructure are well maintained and communities thrive. 1059Today, Governor Walz presented his 2020 Local Jobs and Projects Plan. This recommendation includes $2 billion in general obligation bonds, and $600 million in other funding sources, including appropriation bonds, general fund cash, trunk highway bonds and user-financed bonds. This investment will leverage an additional $887 million in federal, local, and private funds to provide over $3.4 billion in investment in Minnesota’s capital infrastructure. <a href="https://mn.gov/mmb/budget/capital-budget/current/index.jsp">Visit the Minnesota Management and Budget Capital Budget landing page for additional information and data</a>.4162402020-01-15T17:03:51ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374January Revenue and Economic Update0100 January Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-415959" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2020-01-10T19:00:00ZMinnesota’s net general fund receipts totaled $3.879 billion during the months of November and December 2019, or $155 million (4.2 percent) more than projected in the November 2019 Budget and Economic Forecast. 1059Minnesota’s net general fund receipts totaled $3.879 billion during the months of November and December 2019, or $155 million (4.2 percent) more than projected in the November 2019 Budget and Economic Forecast.Net individual income, corporate, and other tax receipts were above the forecast for the period, while net sales tax receipts were less than expected. <a href="https://mn.gov/mmb-stat/000/az/forecast/2020/revenue-and-economic-update/january.pdf">View complete January 2020 Revenue and Economic Update, including tabular data</a>4159592020-01-10T18:59:32ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>General641November Monthly Revenue Review 390 November monthly revenue memo<custom:Link urlOnly="true" type="Component" destination="tcm:1059-412761" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-12-10T18:30:00ZNet general fund revenues totaled $1.586 billion in November, $54 million (3.5 percent) more than forecast. 1059Net general fund revenues totaled $1.586 billion in November, $54 million (3.5 percent) more than forecast. Higher than expected sales, corporate, and other tax revenue more than offset net individual income tax revenue that was below the forecast. For fiscal year 2020, year to date receipts are now $8.626 billion. Because forecast receipts are now updated to reflect the November 2019 Budget and Economic Forecast, the fiscal year-to-date variance is the same as the monthly variance, $54 million above the forecast. <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/000/az/forecast/2019/monthly-revenue-review/november.pdf">View the full memo, including tabular data.</a></li> <li>Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast Monthly and Quarterly Updates landing page.</a></li> </ul> Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and refunds are issued.4127612019-12-10T18:30:10ZNews Releases223491<Creator>Amy Jorgenson</Creator><Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases Page223492State of Minnesota Releases Budget and Economic Forecast380 2019 November Budget and Economic Forecast<custom:Link urlOnly="true" type="Component" destination="tcm:1059-412276" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-12-05T15:15:00ZThe 2019 forecast presentation will take place at the Dept. of Revenue.1059St. Paul—Today, Minnesota Management and Budget (MMB) released the 2019 November Budget and Economic Forecast. Minnesota’s budget and economic outlook has improved since the end of the 2019 legislative special session. A better than expected close to the last biennium, an improved revenue forecast, and a small decrease to estimated spending create a forecast surplus of $1.332 billion in the fiscal year 2020-21 biennium. The stable budget outlook allows for an automatic allocation to the budget reserve account, bringing the reserve balance to its statutory target level of $2.359 billion. While Minnesota’s economy and revenues continue to grow into the fiscal year 2022-23 planning estimates, budget challenges remain for that biennium. MMB Commissioner Myron Frans, State Economist Dr. Laura Kalambokidis, and State Budget Director Britta Reitan will present the forecast at 11:15 a.m. today at the Department of Revenue, Skjegstad Room (2000), 600 Robert Street North, in St. Paul, Minnesota. After presenting the forecast, they will be joined by Governor Tim Walz. Note: <a href="https://mn.gov/mmb/forecast/forecast/">We will post full forecast documents today around 10:45 a.m</a>. To receive this information: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Sign up for <a href="https://public.govdelivery.com/accounts/MNMMB/subscriber/new?topic_id=MNMMB_212">MMB email alerts</a></li> <li>Follow MMB on <a href="https://twitter.com/MMBCommunicates">Twitter</a> and <a href="http://www.facebook.com/MinnesotaManagementAndBudget/">Facebook</a></li> <li>Visit <a href="https://www.mn.gov/mmb/forecast/forecast/">MMB’s website at mn.gov/mmb</a></li> </ul> <hr xmlns="http://www.w3.org/1999/xhtml" /> <div xmlns="http://www.w3.org/1999/xhtml"> <div> </div> <div>Contact: Chris Kelly, Minnesota Management and Budget</div> <div>Director of Communications</div> <div>651-259-3692, <a href="mailto:chris.kelly@state.mn.us">Chris.Kelly@state.mn.us</a></div> </div>4122762019-12-10T18:30:10ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>General641October Monthly Revenue Review 360 October monthly revenue memo<custom:Link urlOnly="true" type="Component" destination="tcm:1059-409960" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-11-12T18:00:53ZNet general fund revenues totaled $1.891 billion in October 2019, $20 million (1.0 percent) more than forecast. 1059Net general fund revenues totaled $1.891 billion in October 2019, $20 million (1.0 percent) more than forecast. Receipts from the net individual income, sales, and other taxes were greater than forecast, more than offsetting lower than expected net corporate tax receipts. For fiscal year 2020, year to date receipts are now $7.038 billion, $236 million (3.5 percent) more than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/monthly-revenue-review/october.pdf">View the full memo, including tabular data.</a> Visit the <a href="https://mn.gov/mmb/forecast/update/">Economic Forecast and Updates landing page.</a>4099602019-11-12T18:04:27ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374Projects to Invest in Communities - Tell us what you think!340 Projects to invest in communities<custom:Link urlOnly="true" type="Component" destination="tcm:1059-407012" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-10-16T15:39:20ZWe want your input! Use our online form to comment on local government investment projects up for consideration in the 2020 capital budget bill. Let us know what projects you support and why. 1059Earlier this year, local governments submitted more than 200 requests for investment in their communities, totaling more than $1.3 billion, for consideration during the 2020 Legislative session. We want your input! Access the form using the link below to comment on local government investment projects up for consideration in the 2020 capital budget bill. Let us know what projects you support and why. <a href="/mmb/budget/capital-budget/public-comment.jsp" title="000 Public Infrastructure Projects" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="000 Public Infrastructure Projects">Tell us what you think - link to MMB website</a>4070122019-10-16T15:43:41ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374October Revenue and Economic Update330 October Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-406229" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-10-10T20:14:34ZMinnesota’s net general fund receipts totaled $5.147 billion during the months of July through September 2019, or $217 million (4.4 percent) more than projected in the February 2019 Budget and Economic Forecast adjusted for legislative changes. 1059Minnesota’s net general fund receipts totaled $5.147 billion during the months of July through September 2019, or $217 million (4.4 percent) more than projected in the February 2019 Budget and Economic Forecast adjusted for legislative changes. <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/revenue-and-economic-update/october-2019.pdf">View complete October 2019 Revenue and Economic Update, including tabular data</a>4062292019-10-10T21:29:58ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>General641Budget Reserve Report 310 Budget Reserve Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-404185" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-09-30T16:59:45ZTo adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 4.9 percent of the current biennium’s general fund non-dedicated revenues, or a $2.334 billion budget reserve for the 2020-21 biennium.1059<h2 xmlns="http://www.w3.org/1999/xhtml">Latest Budget Reserve Report</h2> September 30, 2019 Budget Reserve Recommendation. To adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 4.9 percent1 of the current biennium’s general fund non-dedicated revenues, or a $2.334 billion budget reserve for the 2020-21 biennium.2 At the end of the 2019 legislative session, Minnesota’s projected FY 2020-21 budget reserve was $2.075 billion, or 4.5 percent of biennial revenues. The recommended reserve level is based on MMB’s assessment of volatility in Minnesota’s revenue system. We examine the variability over time of the state’s major tax bases and changes in the composition of tax revenues. The recommended reserve level assumes the budget is structurally balanced through the remainder of the biennium, and policymakers desire a 95 percent level of confidence that a biennial deficit generated by revenue volatility will not exceed the budget reserve. We have reviewed the revenue volatility model and updated it to reflect an additional year of data, law changes enacted by the 2019 legislature, and technical model improvements. The result of those updates is an estimated degree of revenue system volatility that is slightly lower than what we found last year, driven by declining volatility in the bases of the corporate and general sales taxes. Consequently, we have decreased the recommended percentage of revenues to 4.9 percent from the 5.0 percent recommendation in our September 2018 report. The target is for the budget reserve account alone. Minnesota also has a cash flow account, which is intended to offset potential cash shortages caused by a mismatch between monthly revenue collections and spending. The cash flow account is currently funded at $350 million. 1 Rounded to the nearest tenth of a percent. 2 Based on end of 2019 legislative session General Fund Balance Analysis. <a href="https://mn.gov/mmb-stat/000/az/forecast/budget-reserve/report-2019.pdf">Read Complete Budget Reserve Report (including table data) </a>4041852019-09-30T17:18:48ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>General641August Monthly Revenue Review 300 August monthly revenue memo<custom:Link urlOnly="true" type="Component" destination="tcm:1059-387465" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-09-10T18:30:05ZNet general fund revenues totaled $1.661 billion in August, $87 million (5.5 percent) more than forecast in the February 2019 Budget and Economic Forecast, adjusted for law changes. 1059Net general fund revenues totaled $1.661 billion in August, $87 million (5.5 percent) more than forecast in the February 2019 Budget and Economic Forecast, adjusted for law changes. Net individual income and sales tax revenues exceeded the forecast, and net corporate and other tax revenues were lower than expected. For fiscal year 2020, year to date receipts are now $2.774 billion, $83 million (3.1 percent) more than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/monthly-revenue-review/august.pdf">View the full memo, including tabular data</a>. Visit the <a href="https://mn.gov/mmb/forecast/">Economic Forecast and Updates landing page</a>.3874652019-09-10T18:49:00ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>Minnesota sells $662 million general obligation bonds250 Minnesota sells $662 million general obligation bonds<custom:Link urlOnly="true" type="Component" destination="tcm:1059-397119" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-08-07T15:54:03ZStrong fiscal management secures low interest rates for state. 1059ST. PAUL – The State of Minnesota has completed $662 million sale of general obligation bonds. The proceeds from this bond sale support capital construction projects such as transportation infrastructure, highway construction, economic and business development, asset preservation, higher education facilities, and other redevelopment projects previously authorized by the Minnesota Legislature. "National investors view Minnesota’s general obligation bonds as strong investments,” said Myron Frans, Commissioner of Minnesota Management and Budget. “The low interest rates from our sale are equal to or better than the AAA municipal market index, helping secure investments in the future of Minnesota at a lower cost. We are seeing visible evidence of what sound fiscal management means for our state’s finances.” The four series of general obligation bonds sold today include: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>$406,900,000 General Obligation State Various Purpose Bonds, Series 2019A (2.21 percent interest)</li> <li>$190,690,000 General Obligation State Trunk Highway Bonds, Series 2019B (2.06 percent interest)</li> <li>$36,345,000 General Obligation Taxable State Various Purpose Bonds, Series 2019C (2.08 percent interest)</li> <li>$27,570,000 General Obligation State Various Purpose Refunding Bonds, Series 2019D (1.17 percent interest)</li> </ul> Kutak Rock LLP acted as bond counsel on the transaction and Public Resources Advisory Group was the state’s financial advisor for the sale. Sound Fiscal Management Last month, top financial analysts Standard & Poor’s and Fitch affirmed Minnesota's AAA rating, the highest rating awarded by the analysts. A state’s credit ratings play an important role in obtaining low interest rates for a bond sale. Fitch and Standard & Poor’s note that credit factors such as Minnesota’s diverse economy, strong financial results and healthy reserves, and moderate debt levels have positioned the state well to navigate future fluctuations in the economy. Standard & Poor’s added that the passage of the pension reform bill in 2018 and continuation of strong reserve levels influenced their rating decision. Governor Walz and the Legislature continued our state’s commitment to strong fiscal management by prioritizing budgetary balance over the entire four year budget horizon. Minnesota Management and Budget (MMB) recently released the <a href="https://mn.gov/mmb-stat/documents/budget/operating-budget/enacted/2019/eos19-fba-detail.pdf">General Fund Balance Analysis</a> and <a href="https://mn.gov/mmb-stat/documents/budget/operating-budget/forecast/feb-2019/feb19fcst-cfs.pdf">Consolidated Fund Statement</a>. After accounting for 2019 legislative activity, the general fund statement projects a positive balance of $242 million in FY 2020-21. In addition, the <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/revenue-and-economic-update/july-2019.pdf">July Revenue and Economic Update</a> shows total revenue for FY 2019 will be $636 million over February forecast estimates. MMB will release a complete FY 2019 picture, including final expenditures, with the November forecast. ### <h2 xmlns="http://www.w3.org/1999/xhtml">Contact</h2> Chris Kelly, Minnesota Management and Budget Director of Communications 651-259-3692 Chris.Kelly@state.mn.us <a href="mailto:keith.hovis@state.mn.us" target="_blank" />3971192019-08-07T15:54:18ZNews Releases223491State of Minnesota General Obligation State BondsState of Minnesota General Obligation State BondsengWalz, Flanagan Announce $2.5 Million Grant to Provide Proven Drug and Alcohol Reduction Curriculum in Schools280 2.5 million grant<custom:Link urlOnly="true" type="Component" destination="tcm:1059-397446" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-08-06T21:32:58ZThis $2.5 million grant will implement a groundbreaking, evidence-based social-emotional learning curriculum in middle schools across the state. 1059Governor Tim Walz and Lieutenant Governor Peggy Flanagan today announced that the State of Minnesota was awarded a $2.5 million grant to implement a groundbreaking, evidence-based social-emotional learning curriculum in middle schools across the state. <a href="https://mn.gov/governor/news/#/detail/appId/1/id/397334">Read the full news release on the Office of Governor's website</a>.3974462019-08-07T16:41:25ZNews Releases223491State of Minnesota General Obligation State BondsState of Minnesota General Obligation State Bondseng$673,345,000* State of Minnesota General Obligation State Bonds – Preliminary Official Statement and Notices of Sale210 BOND SALE - $673 Million General Obligation Bonds<custom:Link urlOnly="true" type="Component" destination="tcm:1059-394083" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-07-26T15:32:58ZMMB will sell $673,345,000* State of Minnesota General Obligation State Bonds, in four series, on August 6, 2019. 1059MMB will sell $673,345,000* State of Minnesota General Obligation State Bonds, in four series, on August 6, 2019. *Preliminary, subject to change <a href="/mmb/debt-management/bonding/bond-sale/general-obligation/general-obligation-bonds-current.jsp" title="010 Current GO Bonds" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="010 Current GO Bonds">$673,345,000* General Obligation State Bonds </a> <a href="/mmb/debt-management/bonding/bond-sale/general-obligation/general-obligation-bonds-current.jsp" title="010 Current GO Bonds" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="010 Current GO Bonds" />3940832021-09-15T19:51:55ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Bond</Subject><Subject>Fiscal</Subject><Subject>Rating</Subject><Subject>Budget</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Minnesota Maintains AAA Ratings220 Minnesota Upgraded to AAA<custom:Link urlOnly="true" type="Component" destination="tcm:1059-394160" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-07-25T15:50:56ZST. PAUL, MN – Top financial analysts Standard & Poor's and Fitch announced that they are affirming Minnesota’s AAA, the highest rating awarded by the analysts.1059For Immediate Release July 25, 2019 Standard & Poor's and Fitch Affirm Minnesota’s Bond Ratings ST. PAUL, MN – Top financial analysts Standard & Poor's and Fitch announced that they are affirming Minnesota’s AAA, the highest rating awarded by the analysts. The following is a statement from Governor Tim Walz: “AAA ratings from Fitch and Standard & Poor’s is a testament to Minnesota’s strong economy and fiscal management. We are proud of the work we did this legislative session to help secure this rating. Now we need to work to pass a robust bonding bill to invest in the future and ensure our economy works for all Minnesotans.” The following is a statement from Management and Budget Commissioner Myron Frans: “Minnesota’s financial health is in good order. The affirmation of AAA credit rating from Fitch and Standard & Poor’s reflects sound budgeting principles and allows us to continue making smart capital investments in Minnesota’s future by reducing our cost of borrowing.” Fitch and Standard & Poor’s note that credit factors such as Minnesota’s diverse economy, strong financial results and healthy reserves, and moderate debt levels have positioned the state well to navigate future fluctuations in the economy. Standard & Poor’s added that the passage of the pension reform bill in 2018 and continuation of strong reserve levels influenced their rating decision. Today’s news comes as Minnesota prepares for the sale of general obligation bonds next month. ### <div xmlns="http://www.w3.org/1999/xhtml"> <h2>Contact</h2> Chris Kelly, Minnesota Management and Budget Director of Communications 651-259-3692 Chris.Kelly@state.mn.us</div>3941602019-07-25T16:01:44ZNews Releases223491April Monthly Revenue ReviewApril Monthly Revenue ReviewNewsApril Monthly Revenue ReviewengNews Releases223374July Monthly Revenue Review200 July Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-388227" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-07-10T20:07:22ZMinnesota’s net general fund receipts for FY 2019 are now estimated to total $23.393 billion, $636 million (2.8 percent) more than projected in the February 2019 Budget and Economic Forecast. 1059Minnesota’s net general fund receipts for FY 2019 are now estimated to total $23.393 billion, $636 million (2.8 percent) more than projected in the February 2019 Budget and Economic Forecast. Net tax receipts exceeded the forecast for all major types. General fund revenues for FY 2019 are now estimated to be 6.1 percent greater than in FY 2018. State revenues in the final quarter of FY 2019 were $552 million more than forecast. (See page 3 for details.) Net individual income tax receipts are estimated to end the year $450 million (3.8 percent) more than forecast. Gross income tax receipts were $427 million above the forecast, and refunds were $22 million less than expected. <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/revenue-and-economic-update/july-2019.pdf" target="_blank">View complete July 2019 Monthly Revenue Review, including tabular data</a>3882272019-07-10T20:08:45ZNews Releases223491April Monthly Revenue ReviewApril Monthly Revenue ReviewNewsApril Monthly Revenue ReviewengNews Releases223374May Monthly Revenue Review180 May Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-387866" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-06-10T17:00:00ZNet general fund revenues totaled $1.793 billion in May, $148 million (9.0 percent) more than forecast in the February 2019 Budget and Economic Forecast. 1059Net general fund revenues totaled $1.793 billion in May, $148 million (9.0 percent) more than forecast in the February 2019 Budget and Economic Forecast. Net individual income, sales, and other tax revenues were larger than forecast, more than offsetting lower than expected corporate tax revenues. Total fiscal year to date receipts are now $20.650 billion, $722 million (3.6 percent) higher than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/monthly-revenue-review/may.pdf">View complete May 2019 Monthly Revenue Review, including tabular data</a>3878662019-06-10T17:29:14ZNews Releases223491Internal Controls BulletinInternal Controls BulletinAmy Jorgensoninternal controlinternal controls bulletinworkplace culturemonitoringengSEGIP253259Governor Walz Invites You to the Walk, Chop, Talk! Challenge160 Walz Walk Chop Talk<custom:Link urlOnly="true" type="Component" destination="tcm:1059-386938" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-06-03T14:47:52ZThis 28-day State of Wellbeing Challenge begins today. Join Governor Walz and his team1059Governor Walz and his team invite you to the The Walk, Chop, and Talk! Challenge starting today, June 3. Employees in every corner of Minnesota can participate no matter where you work or live. Using the innovative Virgin Pulse platform, you can choose to participate and track one, two, or all three healthy habits. <a href="https://app.member.virginpulse.com/welcome.html?userToken=jEWvmVEPIHcx4EfSx%2F0eL%2BIFJjr1Q8CnwWQ6Gp7%2FD3VRqWlRI0yBYzfN9cjABzWTmNS02f1U9VydsDPTHXpfhA%3D%3D&sponsorId=4036596&language=en-US" xmlns="http://www.w3.org/1999/xhtml"><img src="/mmb/assets/State%20of%20Minnesota%20Walk%2C%20Chop%2C%20and%20Talk%20Challenge.mp4.00_00_24_15.Still002_tcm1059-386941.png" title="find-a-form" alt="Governor Walz" style="width: 100%; height: auto;" xlink:title="010 Gov Walz" xmlns:xlink="http://www.w3.org/1999/xlink" /></a> <a href="https://app.member.virginpulse.com/welcome.html?userToken=jEWvmVEPIHcx4EfSx%2F0eL%2BIFJjr1Q8CnwWQ6Gp7%2FD3VRqWlRI0yBYzfN9cjABzWTmNS02f1U9VydsDPTHXpfhA%3D%3D&sponsorId=4036596&language=en-US">Create or login today to your Virgin Pulse account. Access Virgin Pulse here.</a>3869382019-06-03T15:12:12ZNews Releases223491April Monthly Revenue ReviewApril Monthly Revenue ReviewNewsApril Monthly Revenue ReviewengNews Releases223374April Monthly Revenue Review140 April Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-384232" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-05-10T20:24:02ZNet general fund revenues totaled $3.344 billion in April, $489 million (17.1 percent) more than forecast. 1059Net general fund revenues totaled $3.344 billion in April, $489 million (17.1 percent) more than forecast. Net receipts from individual income, sales, and corporate taxes for the month exceeded the forecast, while other revenues were lower than expected. <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/monthly-revenue-review/april.pdf">View complete April 2019 Monthly Revenue Review, including tabular data</a>3842322019-05-10T17:00:01ZNews Releases223491April 2019 Revenue and Economic UpdateApril 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374April Revenue and Economic Update120 April Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-379542" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-04-10T20:24:02ZMinnesota’s net general fund receipts totaled $2.717 billion during the months of February and March 2019, or $84 million (3.2 percent) more than projected in the February 2019 Budget and Economic Forecast. 1059Minnesota’s net general fund receipts totaled $2.717 billion during the months of February and March 2019, or $84 million (3.2 percent) more than projected in the February 2019 Budget and Economic Forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/revenue-and-economic-update/april-2019.pdf">View complete April 2019 Revenue and Economic Update, including tabular data</a>3795422019-04-10T20:27:44ZNews Releases223491Revenue Forecast Uncertainty ReportRevenue Forecast Uncertainty ReportNewsReleaseMinnesotauncertaintyengNews Releases223374March 2019 Revenue Forecast Uncertainty Report 090 March 2019 Forecast Uncertainty Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-376043" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-03-14T21:00:41Z 1059Summary of Revenue Forecast Uncertainty for the Current Biennium In Minnesota’s February 2019 Budget and Economic Forecast, total revenues for FY 2018-19 are forecast to be $45.212 billion. This forecast was constructed five months before the current biennium closes. If this forecast turns out to have the same degree of accuracy as the average of our five-months-ahead forecasts, we can expect FY 2018-19 closing revenues to be between $44.902 and $45.522 billion (+/- $0.31 billion). Total revenues for FY 2020-21 are forecast to be $47.941 billion. This forecast was constructed 29 months before the close of the biennium. If this forecast is consistent with average accuracy of our 29 months-ahead forecasts, we can expect FY 2020-21 closing revenues to be between $45.511 and $50.371 billion (+/- $2.43 billion). Read the complete report in the <a href="https://mn.gov/mmb/forecast/researchanalysis/">Reports, Presentations and Data section</a> of the Minnesota Management and Budget website.3760432019-03-15T13:00:55ZNews Releases223491Monthly revenue memoMonthly revenue memoNewsReleaserevenuemonthly revenue memoengNews Releases223374February 2019 Monthly Revenue Review080 February Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-375319" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-03-11T21:02:48ZNet general fund revenues totaled $1.073 billion in February, $5 million (0.4 percent) more than forecast. 1059Net general fund revenues totaled $1.073 billion in February, $5 million (0.4 percent) more than forecast. Net receipts from corporate and other taxes for the month exceeded the forecast, net sales tax revenues were below the forecast, and income tax revenues matched the forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/monthly-revenue-review/february.pdf">View complete February 2019 Revenue Review memo</a>3753192019-03-11T21:08:11ZNews Releases223491Revenue and Economic ForecastRevenue and Economic ForecastRevenue and Economic ForecastFebruary Forecast2019 February Forecast2019 forecastengNews Releases223374State of Minnesota Releases 2019 February Budget and Economic Forecast060 Forecast - February<custom:Link urlOnly="true" type="Component" destination="tcm:1059-373568" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-02-28T15:15:30ZThe projected balance for the upcoming biennium is $1.052 billion, which is $492 million less than the November forecast. 1059St. Paul—Today, Minnesota Management and Budget (MMB) released the <a href="https://mn.gov/mmb/forecast/forecast/">2019 February Budget and Economic Forecast.</a> Minnesota’s budget and economic outlook has weakened since November. The projected balance for the upcoming biennium is $1.052 billion, which is $492 million less than the November forecast. Slower projected economic growth and lower observed collections compared to prior estimates result in a reduced revenue forecast throughout the budget horizon. A slightly lower expenditure forecast partially offsets the overall reduction to the projected balance. The trend of slower growth continues into the planning horizon with projected spending growth outpacing forecast revenue growth into FY 2022-23. MMB Commissioner Myron Frans, State Economist Dr. Laura Kalambokidis, and State Budget Director Britta Reitan will present the forecast at 11:15 a.m. today at the Department of Revenue, Skjegstad Room (2000), 600 Robert St N, St Paul, Minnesota. After presenting the forecast, they will be joined by Governor Tim Walz. Note: We will post <a href="https://mn.gov/mmb/forecast/forecast/">full forecast documents today around 10:45 a.m</a>. To receive this information: Sign up for <a href="https://public.govdelivery.com/accounts/MNMMB/subscriber/new?topic_id=MNMMB_212">MMB email alerts</a> Follow MMB on <a href="https://twitter.com/MMBCommunicates">Twitter</a> and <a href="http://www.facebook.com/MinnesotaManagementAndBudget/">Facebook</a> Visit MMB’s website at <a href="https://www.mn.gov/mmb/forecast/forecast/">mn.gov/mmb</a> <hr xmlns="http://www.w3.org/1999/xhtml" /> Contact: Chris Kelly, Minnesota Management and Budget Director of Communications 651-259-3692, <a href="mailto:chris.kelly@state.mn.us">Chris.Kelly@state.mn.us</a> <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/press-releases/2019/2-28-february-forecast.pdf">View this press release (PDF version)</a></li> <li /> </ul>3735682019-02-28T17:04:47ZNews Releases223491capital budgetcapital budgetcapital budget2019eng2018-01-16T16:39:17ZGovernor's 2019 Proposed Capital Budget050 Governor's 2019 Proposed Capital Budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-373351" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-02-26T16:30:00ZGovernor Walz and Lt. Governor Flanagan propose $1.27 billion to invest in community infrastructure projects across the state. 1059Governor Walz and Lt. Governor Flanagan propose $1.27 billion to invest in community infrastructure projects across the state. These crucial investments will improve education, increase economic opportunity for all, and strengthen local economies across Minnesota. The proposal would invest in world-class colleges and universities and make critical infrastructure improvements statewide, with 22 percent of projects in Greater Minnesota, 27 percent in the Twin Cities area, and 51 percent having impacts statewide. Following eight years of sound fiscal management, the State of Minnesota has a triple-A bond rating and more than $3 billion in available bonding capacity for 2020-2021. For a full summary of Governor's Recommendations by entity and project, visit the <a href="https://mn.gov/mmb/budget/capital-budget/current/">Capital Budget section of the Minnesota Management and Budget website</a>.3733512019-02-26T16:30:08ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled>Budget, Proposal</SubjectControlled></DublinCore><Date>2018-01-16T16:39:17Z</Date></metadata><Title>Governor Tim Walz releases Budget for One Minnesota040 FY2020-2021 Governor's Budget Recommendations<custom:Link urlOnly="true" type="Component" destination="tcm:1059-372081" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-02-19T17:59:50ZGov. Tim Walz, joined by Lt. Gov. Peggy Flanagan, will announce the release of state budget recommendations for the next biennium. 1059Gov. Tim Walz releases the state budget recommendations for the next biennium. The supporting documents for this administration's first budget proposal are published in the <a href="/mmb/budget/current-budget/previous-budget-recommendations/fy2020-2021.jsp" title="000 FY 2020-21 Governor's Budget Recs - LP [Nov 30]" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="000 FY 2020-21 Governor's Budget Recs - LP [Nov 30]">Budget content area on the Minnesota Management and Budget website</a>.3720812021-04-02T15:18:06ZNews Releases223491Monthly revenue memoMonthly revenue memoNewsReleaserevenuemonthly revenue memoengNews Releases223374January 2019 Monthly Revenue Review030 January Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-371476" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-02-11T20:00:00ZNet general fund revenues totaled $2.278 billion in January, $272 million (10.7 percent) less than forecast. 1059Net general fund revenues totaled $2.278 billion in January, $272 million (10.7 percent) less than forecast. Net receipts from the individual and corporate income taxes were below the forecast, net sales receipts matched the forecast, and other tax receipts were higher than expected. For fiscal year 2019, year to date receipts are now $12.805 billion, $374 million (2.8 percent) less than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/monthly-revenue-review/january.pdf">View complete January Revenue Review memo </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf"> </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" xmlns="http://www.w3.org/1999/xhtml" /> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb/forecast/update/" />3714762019-02-11T20:45:19ZNews Releases223491January 2019 Revenue and Economic UpdateJanuary 2019 Revenue and Economic UpdateNewsrevenue and economic updateengNews Releases223374January Revenue and Economic Update010 January Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-364720" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2019-01-10T20:00:00ZMinnesota’s net general fund receipts totaled $3.723 billion during the months of November and December 2018, or $102 million (2.7 percent) less than projected in the November 2018 Budget and Economic Forecast. 1059Minnesota’s net general fund receipts totaled $3.723 billion during the months of November and December 2018, or $102 million (2.7 percent) less than projected in the November 2018 Budget and Economic Forecast. Net receipts for the individual income tax and other taxes were less than forecast, offsetting higher than expected net corporate and sales tax revenues for the quarter. <a href="https://mn.gov/mmb-stat/000/az/forecast/2019/revenue-and-economic-update/january-2019.pdf">View complete January 2019 Revenue and Economic Update, including tabular data</a>3647202019-01-10T21:36:43ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374November 2018 Monthly Revenue Review400 November Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-361898" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-12-10T18:00:00ZNet general fund revenues totaled $1.651 billion in November, $6 million (0.4 percent) less than forecast. 1059Net general fund revenues totaled $1.651 billion in November, $6 million (0.4 percent) less than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/november-2018.pdf">View complete November Revenue Review memo </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf"> </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" xmlns="http://www.w3.org/1999/xhtml" /> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb/forecast/update/" />3618982018-12-10T20:31:47ZNews Releases223491A revenue forecast increase and lower base expenditure estimates add to an improved outlook for the current biennium leaving an estimated $1.544 billion balance available for the FY 2020-21 budget.State of Minnesota Releases 2018 November Budget and Economic ForecastNewsReleaseEconomic ForecastengNews Releases223374State of Minnesota Releases 2018 November Budget and Economic Forecast390 Forecast - November 2018<custom:Link urlOnly="true" type="Component" destination="tcm:1059-361399" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-12-06T16:14:30ZA revenue forecast increase and lower base expenditure estimates add to an improved outlook for the current biennium leaving an estimated $1.544 billion balance available for the FY 2020-21 budget. 1059St. Paul—Today, Minnesota Management and Budget released the 2018 November Budget and Economic Forecast. Minnesota’s budget and economic outlook remains sound, despite slower growth through the budget horizon. A revenue forecast increase and lower base expenditure estimates add to an improved outlook for the current biennium leaving an estimated $1.544 billion balance available for the 2020-21 biennial budget. Statutory allocations, partially resulting from the improvement to the current biennium, add $491 million to the budget reserve which now totals $2.075 billion. Slower economic growth is projected to continue into the 2022-23 biennium, resulting in a slowdown in forecast revenue growth. This leaves forecast revenues exceeding base expenditure estimates by only $456 million for that biennium. MMB Commissioner Myron Frans, State Economist Dr. Laura Kalambokidis, and State Budget Director Britta Reitan will present the forecast at 1:15 p.m. today in room 15 of the Minnesota State Capitol. Full forecast documents will be posted online today around 11:45 a.m. To receive this information: Sign up for <a href="https://public.govdelivery.com/accounts/MNMMB/subscriber/new?topic_id=MNMMB_212">MMB email alerts</a> Follow MMB on <a href="https://twitter.com/MMBCommunicates">Twitter</a> and <a href="http://www.facebook.com/MinnesotaManagementAndBudget/">Facebook</a> Visit <a href="https://mn.gov/mmb/forecast/forecast/">MMB’s Economic Forecast page</a> Contact: Chris Kelly, Minnesota Management & Budget Director of Communications 651-259-3692, <a href="mailto:chris.kelly@state.mn.us">Chris Kelly</a> ### <a href="https://mn.gov/mmb/forecast/update/" />3613992018-12-06T17:54:35ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October 2018 Monthly Revenue Review370 October Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-359027" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-11-13T18:30:00ZNet general fund revenues totaled $1.778 billion in October 2018, $40 million (2.3 percent) more than forecast. 1059Net general fund revenues totaled $1.778 billion in October 2018, $40 million (2.3 percent) more than forecast. Receipts from the net individual income and corporate income taxes were greater than forecast, more than offsetting lower than expected net sales tax receipts. Other revenues nearly matched the forecast. For fiscal year 2019, year to date receipts are now $6.805 billion, $322 million (5.0 percent) more than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/october-2018.pdf" title="October 2018 Monthly Revenue Review">View complete October Revenue Review memo</a>3590272018-11-13T18:34:10ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October Revenue and Economic Update350 October Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-355368" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-10-10T16:00:00ZMinnesota’s net general fund receipts totaled $5.027 billion during the months of July through September 2018, or $282 million (5.9 percent) more than projected in the February 2018 Budget and Economic Forecast adjusted for minor legislative changes. Receipts for all major tax types were above the forecast for the quarter. 1059Minnesota’s net general fund receipts totaled $5.027 billion during the months of July through September 2018, or $282 million (5.9 percent) more than projected in the February 2018 Budget and Economic Forecast adjusted for minor legislative changes. Receipts for all major tax types were above the forecast for the quarter. Net individual income tax receipts were $67 million (2.5 percent) more than forecast for the first three months of FY 2019. Higher than expected gross receipts and lower than expected refunds both contributed to the positive variance. Payments associated with tax year 2018 economic activity—income tax withholding and estimated payments—were about $43 million above the forecast. <a href="https://mn.gov/mmb/forecast/update/">View complete October 2018 Revenue and Economic Update, including tabular data</a>3553682018-10-10T19:06:06ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Minnesota</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374September 2018 Budget Report is Now Available330 Budget Reserve Report<custom:Link urlOnly="true" type="Component" destination="tcm:1059-353240" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-09-28T15:00:41ZAt the end of the 2018 legislative session, Minnesota’s projected FY 2018-19 budget reserve was $1.583 billion, or 3.6 percent of biennial revenues. 1059Budget Reserve Recommendation. To adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 5.0 percent1 of the current biennium’s general fund non-dedicated revenues, or a $2.222 billion budget reserve for the 2018-19 biennium.2 At the end of the 2018 legislative session, Minnesota’s projected FY 2018-19 budget reserve was $1.583 billion, or 3.6 percent of biennial revenues.3 The recommended reserve level is based on MMB’s assessment of volatility in Minnesota’s revenue system. We examine the variability over time of the state’s major tax bases and changes in the composition of tax revenues. The recommended reserve level assumes the budget is structurally balanced through the remainder of the biennium, and policymakers desire a 95 percent level of confidence that a biennial deficit generated by revenue volatility will not exceed the budget reserve. We have reviewed the revenue volatility model and updated it to reflect an additional year of data; the Bureau of Economic Analysis’ (BEA’s) five-year benchmark revision of historical data; and law changes enacted by the 2018 legislature. The result, primarily attributable to the historical data revision, is an estimated degree of revenue system volatility that is slightly higher than what we found last year. Consequently, we have increased the recommended percentage of revenues to 5.0 percent from the 4.9 percent recommendation in our September 2017 report. The target is for the budget reserve account alone. Minnesota also has a cash flow account, which is intended to offset potential cash shortages caused by a mismatch between monthly revenue collections and spending. The cash flow account is currently funded at $350 million. 1 Rounded to the nearest tenth of a percent. 2 Based on end of 2018 legislative session General Fund Balance Analysis. 3 Any changes to the budget reserve made after the 2018 legislative session will be reported with the November 2018 Budget and Economic Forecast. <a href="https://mn.gov/mmb/forecast/researchanalysis/" class="button-brand-secondary">Access the complete Budget Reserve Report </a> <a href="https://mn.gov/mmb/forecast/researchanalysis/" />3532402018-10-23T14:53:29ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Minnesota</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374State of Minnesota Named Among Best Employers in the Nation for New Graduates320 Minnesota Named Among Best Employers<custom:Link urlOnly="true" type="Component" destination="tcm:1059-353021" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-09-27T14:56:41ZST. PAUL--The State of Minnesota ranked forty nine among all employers nationally in a new Best Employers for New Graduates study conducted by Forbes.1059ST. PAUL--The State of Minnesota ranked forty nine among all employers nationally <a href="https://www.forbes.com/best-employers-for-new-grads/list/" target="_blank">in a new Best Employers for New Graduates study conducted by Forbes</a>. The study ranked 250 employers based on their working conditions, salary wage, image, workplace, diversity, atmosphere, and development. The State of Minnesota is also the highest-ranked public sector employer and the only state government system to make the list. “It is exciting that the State of Minnesota is recognized as a national leader in providing career opportunities for new college graduates,” said Myron Frans, Commissioner of Management and Budget for the State of Minnesota. “State government is unique because we have just about every job type there is, many opportunities for growth, and our employees truly make a difference in the lives of Minnesotans.” Under Governor Dayton’s leadership, the State has worked hard to become an employer of choice. From the launch of a fresh, unified brand, to programs aimed at diversifying the workforce, to enhanced benefits like paid parental leave, the State is actively competing for the best talent. State leaders have also made training, development, and a respectful workplace a priority to help keep and develop new recruits. The magazine partnered with market research company Statista for the inaugural list. Along with the State of Minnesota, five Minnesota companies made Forbes’ list. <h2 xmlns="http://www.w3.org/1999/xhtml">Here are the five Minnesota companies on the list:</h2> <ul xmlns="http://www.w3.org/1999/xhtml"> <li>#12 Overall, General Mills (38,000 employees) </li> <li>#49 Overall, State of Minnesota Government Services (50,000 employees) </li> <li>#59 Overall, Mayo Clinic Healthcare and Social (63,078 employees) </li> <li>#70 Overall, University of Minnesota—Twin Cities (17,897 employees) </li> <li>#235 Overall, 3M (36,000 employees) </li> </ul> The study follows the recent ranking by <a href="https://wallethub.com/edu/best-states-for-jobs/35641/#main-findings" target="_blank">WalletHub naming Minnesota the Third Best State for Jobs</a>. The data further affirms that Minnesota offers new job seekers robust opportunities to start and grow their careers. <h2 xmlns="http://www.w3.org/1999/xhtml">Other Top Rankings</h2> This new study follows other recent recognitions of Minnesota’s successes. Below, see some of Minnesota’s other top rankings from recent years. <h3 xmlns="http://www.w3.org/1999/xhtml">#1 Best-Run State</h3> Minnesota is the best-run state in the nation, <a href="https://mn.gov/governor/blog/?id=1055-320155" target="_blank">according to a study published by USA Today</a> that cites Minnesota’s strong fiscal management, low unemployment and poverty rates, above-average median household income, and the state’s nearly perfect credit rating. Since ranking tenth in 2012, Minnesota has consistently climbed in the rankings under the same study, including ranking second last year. <h3 xmlns="http://www.w3.org/1999/xhtml">#1 Best State for Women</h3> Minnesota is the best state for women, <a href="https://wallethub.com/edu/best-and-worst-states-for-women/10728/" target="_blank">according to a study from WalletHub</a>. The study looked at women’s wages, health and safety, and economic and social well-being across all fifty states. <h3 xmlns="http://www.w3.org/1999/xhtml">#2 Best State for Families</h3> Minnesota is the #2 Best State to Raise a Family, <a href="https://wallethub.com/edu/best-states-to-raise-a-family/31065/" target="_blank">according to a report from WalletHub</a>. The study looked at family salaries, education opportunities, family fun, health and safety, affordability, employment rates, and more. <h3 xmlns="http://www.w3.org/1999/xhtml"> #2 Best State Overall</h3> Minnesota is the #2 Best State in America, <a href="https://www.usnews.com/news/best-states/rankings" target="_blank">according to a study from U.S. News and World Report</a>. The study cited economic opportunities, great educations, and quality health care in Minnesota. <h3 xmlns="http://www.w3.org/1999/xhtml">#3 Best State for Jobs</h3> Minnesota is the #3 Best State for Jobs, <a href="https://wallethub.com/edu/best-states-for-jobs/35641/#main-findings" target="_blank">according to a study by WalletHub</a>. The study cites Minnesota’s job-market strength, opportunities, and our healthy economy among its top factors. Learn more about careers at the State of Minnesota and apply for jobs at <a href="https://mn.gov/mmb/careers/" target="_blank">mn.gov/careers</a>. The State plans to host a career fair on November 3 in St. Paul. Watch for details at <a href="https://mn.gov/mmb/careers/" target="_blank">mn.gov/careers</a>. ### Media Contact: Chris Kelly, Minnesota Management and Budget Phone: 651-259-3692 Email: <a href="mailto:chris.kelly@state.mn.us" target="_blank">chris.kelly@state.mn.us</a> 3530212018-09-27T15:07:50ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374August 2018 Monthly Revenue Review310 August Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-351389" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-09-10T16:30:00ZNet general fund revenues totaled $1.657 billion in August 2018, $79 million (5.0 percent) more than forecast. 1059Net general fund revenues totaled $1.657 billion in August 2018, $79 million (5.0 percent) more than forecast. Receipts from the net individual income, corporate income, and other taxes were greater than forecast, more than offsetting lower than expected net sales tax receipts. For fiscal year 2019, year to date receipts are now $2.725 billion, $107 million (4.1 percent) more than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/august-2018.pdf">View complete August Revenue Review memo </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf"> </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" xmlns="http://www.w3.org/1999/xhtml" /> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb/forecast/update/" />3513892018-09-10T16:59:57ZNews Releases223491News Releases223374<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore><Date>2018-08-31T16:00:06Z</Date></metadata><Title>Future leaders in public service: State of Minnesota Welcomes Fifth Star of the North Fellowship Cohort300 Star of the North Release<custom:Link urlOnly="true" type="Component" destination="tcm:1059-350993" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-08-31T15:55:59ZST. PAUL –With a focus on attracting new talent to public service and expanding the State of Minnesota’s workforce, a new cohort of Star of the North Fellows have joined state agencies.1059ST. PAUL –With a focus on attracting new talent to public service and expanding the State of Minnesota’s workforce, a new cohort of Star of the North Fellows have joined state agencies. From supporting families with young children to providing better assistance to veterans, these 12 individuals will play an integral role in shaping public policy. “Over the last five years, The Star of North Fellowship program has grown into a pipeline for bringing new voices into our agencies,” Minnesota Management and Budget Commissioner Myron Frans said. “These incredible men and women are the next generation of leaders in state government, and it is exciting to have them join us in building a better Minnesota.” The 2018-2019 Star of the North Fellows are: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Ahsan Butt — Minnesota Department of Human Services, Children and Family Services </li> <li>Fangzhou Chen — Minnesota Department of Human Services, Children and Family Services, Child Care Assistance </li> <li>Luke Gagnon — Minnesota Department of Human Services, Benefits Recovery Section </li> <li>Eamonn Gallagher — Minnesota Department of Transportation, Office of Freight and Commercial Vehicle Operations </li> <li>Samantha Holte — Minnesota Department of Human Services, Healthcare Administration </li> <li>Evan Iacoboni — Minnesota Department of Transportation, Metro District </li> <li>Sloan Kessler – Minnesota Department of Veterans Affairs, Homeless Veterans Program </li> <li>Eric Netterlund — Minnesota Department of Revenue, Property Tax Division </li> <li>Graciela O’Gorman Smith — Minnesota Department of Human Services, Alcohol and Drug Abuse Division </li> <li>Elizabeth Stein — Minnesota Department of Human Services, Community Relations </li> <li>Ana Westervelt — Minnesota Department of Human Services, Aging and Adult Services </li> <li>Elizabeth Ziebarth — Minnesota Department of Revenue, Sales and Use Tax</li> </ul> This years’ fellows are the fifth cohort to come through the program. To be considered for a fellowship, applicants go through a competitive process and must demonstrate an interest in a career in public service and have obtained an advanced degree. Fellows are placed at an agency that best fits their education and experience for yearlong appointments. In addition to helping fellows gain public service experience, the Star of the North Fellowship program is a crucial piece in the state’s efforts to increase diversity and inclusion and address an aging workforce. The Dayton-Smith Administration has set a goal of having people of color comprise 20 percent of the state’s workers by 2019. The Star of the North Fellowship program serves as a pipeline for hiring the fellows into full time, permanent positions once the program ends. Of the nine fellows who participated in the 2017-2018 cohort, six have been hired into full time permanent positions with the state. For more information on future internship or fellowship opportunities with the State of Minnesota, visit the MN Careers website. ### Contact: Keith Hovis, Communications Director Phone: 651-259-3666 Email: keith.hovis@state.mn.us3509932018-08-31T16:01:51ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374July 2018 Monthly Revenue Review280 July Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-348433" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-08-10T17:00:00ZNet general fund revenues totaled $1.068 billion in the first month of FY 2019, $28 million (2.7 percent) more than forecast. 1059Net general fund revenues totaled $1.068 billion in the first month of FY 2019, $28 million (2.7 percent) more than forecast. Receipts from the individual income, sales, and corporate income taxes were all greater than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/july-2018.pdf">View complete April Revenue Review memo </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf"> </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" xmlns="http://www.w3.org/1999/xhtml" /> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb/forecast/update/" />3484332018-08-10T18:00:17ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>State of Minnesota and Virgin Pulse Announce New Partnership to Better Support Health and Wellbeing of Employees270 State of Minnesota Partners with Virgin Pulse<custom:Link urlOnly="true" type="Component" destination="tcm:1059-348418" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-08-09T17:00:00ZNew partnership will provide wellbeing products and services to more than 55,000 state employees, beginning November 1, 2018.1059SAINT PAUL, MN and PROVIDENCE, RI – Today, the State of Minnesota and Virgin Pulse announced a new partnership that will provide innovative wellbeing products and services to more than 55,000 state employees, beginning November 1, 2018. Across the nation, more and more companies are investing in wellbeing programs that support an employee’s cognitive and physical health. Providing these services is not only good for boosting productivity, it increases employee engagement and sends a message that an employer is invested in the success of their employees. With this partnership, State of Minnesota employees will have access to the Virgin Pulse Engage™ platform, where they can create a personalized, mobile-first experience to improve their health and wellbeing every day. Engage™ is widely recognized for having the industry’s highest member engagement rates, with eight times more interactions per year than other wellbeing programs. With Virgin Pulse’s extensive partner ecosystem, employees will be able to actively address comprehensive pillars of wellbeing, including cognitive, physical, social, and economic. With the recently announced merger of Virgin Pulse with Minneapolis-based RedBrick Health, State of Minnesota employees will have access to award-winning telephonic coaching to support their total wellbeing. Learn More <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb/segip/">State Employee Group Insurance Program </a></li> <li><a href="http://www.virginpulse.com/">Virgin Pulse Website</a>, <a href="https://twitter.com/VirginPulse">Twitter</a>, and <a href="https://www.linkedin.com/company/Virgin-Pulse">LinkedIn</a>. </li> <li><a href="https://home.redbrickhealth.com/">RedBrick Health Website</a>, <a href="https://twitter.com/RedBrickHealth">Twitter</a>, and <a href="https://www.linkedin.com/company/redbrick-health/">LinkedIn</a></li> </ul> ### Media Contacts Keith Hovis, Communications Director Minnesota Management and Budget Phone: 651-259-3666 <a href="mailto:keith.hovis@state.mn.us" target="_blank" xmlns="http://www.w3.org/1999/xhtml">keith.hovis@state.mn.us</a> Wendy Werve Virgin Pulse 703-622-3605 <a href="mailto:Wendy.werve@virginpulse.com">Wendy.werve@virginpulse.com</a> Cynthia Henry RedBrick Health 612-659-3137 <a href="mailto:CHenry@Redbrickhealth.com">CHenry@Redbrickhealth.com</a> <a href="mailto:keith.hovis@state.mn.us" target="_blank" />3484182018-08-09T17:00:18ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>State of Minnesota Partners with 3M on Events Aimed at Bolstering Diversity and Inclusion Efforts in both Public and Private Sectors260 State of Minnesota Partners with 3M<custom:Link urlOnly="true" type="Component" destination="tcm:1059-348305" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-08-08T17:14:00ZState of Minnesota Partners with 3M on Events Aimed at Bolstering Diversity and Inclusion Efforts in both Public and Private Sectors1059‘Different Minds Inspire’ event at 3M headquarters will bring together public and private sector leaders to share best practices on diversity and inclusion efforts in the workplace ‘Adult Night at the Zoo’ event will give employees engaged in diversity and inclusion efforts the chance to expand their networks, create relationships that will advance inclusion ST. PAUL – This week, public and private sector leaders from across Minnesota will gather at two events to share best practices for bolstering Diversity and Inclusion in the workplace. Hosted by the State of Minnesota and 3M, the ‘Different Minds Inspire – I’m In, Are You?’ event on Friday, August 10th will give employers a chance to share their successes, ideas, and challenges as Minnesota seeks to build a workforce that better reflects and includes the rich diversity of its people. Before Friday’s day-long event, private-and public-sector employees who are engaged in Diversity and Inclusion work are invited to attend an ‘Adult Night Out at the Minnesota Zoo’ on Thursday, August 9th to help build long-term networks across public and private sectors to continue sharing best practices for improving the diversity of our state’s workforce. "Minnesota’s public and private sector workplaces must better reflect the rich diversity of the people and customers we serve," said Minnesota Governor Mark Dayton. "I thank all the organizations participating in this week’s events for their commitments to improving diversity and inclusion in Minnesota’s workplaces. Working together, we can do even more to connect all Minnesotans with better career opportunities and make our state a place where everyone wants to live, work, and do business.” “Many organizations in Minnesota are working to connect employees and increase diversity and inclusion, but currently those efforts are happening in silos,” James Burroughs, Chief Inclusion Officer for the State of Minnesota said. “This event will provide leaders with the opportunity to come together and talk about what’s working and where they see room for improvement. We want to create a public-private network, where people can share best practices in a way that ultimately benefits every workplace.” “We are delighted to partner with Minnesota companies and organizations that share a commitment to inclusive workplaces and communities,” said Ann Anaya, 3M Chief Diversity Officer. “We hope to enhance existing efforts through sharing best practices and collaborating on new opportunities to strengthen Minnesota companies and communities.” These two events are the first steps in creating a network for leaders in both the public and private sectors. In this inaugural event, other participating companies include Best Buy, General Mills, Medtronic, Target and US Bank. The State of Minnesota and 3M hope these partnerships extend into the future, cultivating a network across Minnesota that allows leaders to continuously learn from each other’s successes. Adult Night Out at the Minnesota Zoo [Thursday, August 9] – A pre-event networking opportunity will take place at the Minnesota Zoo on Thursday, August 9th, from 6:00 – 9:00pm, <a href="http://mnzoo.org/events/adult-night-out-at-the-zoo-aug-9/" target="_blank">An Adult Night Out at the Minnesota Zoo</a> will give employees engaged in Employee Resource Network, community engagement, and Diversity and Inclusion work the chance to socialize and expand their professional circles. The event is also being sponsored by Best Buy, General Mills, Medtronic, the Minnesota Lottery, the Minnesota Zoo, Target, and US Bank. Different Minds Inspire – I’m In, Are You? [Friday, August 10] – Friday’s ‘Different Minds Inspire’ event will take place on the 3M campus. In addition to workshops and networking sessions, participants will have the chance to hear from Governor Mark Dayton and 3M CEO Mike Roman. Registration for this event is closed. What are Employee Resource Networks? Employee Resource Networks (also known as Employee Resource Groups) bring employees and leadership within an organization together to work toward the common goal of promoting a culture of diversity, respect and inclusion. These networks are shown to increase employee engagement and help gain insights into diverse perspectives in the workforce. In May 2018, the State of Minnesota launched a new initiative around Statewide Employee Resource Groups, seeking to not only connect employees within agencies, but also across all state government. These groups will provide employees a structured system to identify relevant issues and offer recommendations to agencies across the state. # # # Contact: Keith Hovis, Communications Director Phone: 651-259-3666 Email: <a href="mailto:keith.hovis@state.mn.us" target="_blank">keith.hovis@state.mn.us</a>3483052018-08-08T17:15:30ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>Minnesota sells $620 million general obligation bonds250 Minnesota sells $620 million general obligation bonds<custom:Link urlOnly="true" type="Component" destination="tcm:1059-348180" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-08-07T20:06:58ZState achieves low interest rates thanks in part to strong financial management and recent upgrade to AAA bond rating 1059ST. PAUL – Today, the State of Minnesota completed a $619.7 million sale of general obligation bonds. The proceeds support capital construction projects such as asset preservation, higher education facilities, highway projects, and economic and redevelopment projects previously authorized by the Minnesota Legislature. “Across the nation, Minnesota has gained a growing reputation for sound fiscal management, and today’s bond sale illustrates investor confidence in our state,” said Myron Frans, Commissioner of Minnesota Management and Budget. “We have a balanced budget, growing reserves, a healthy surplus, and our economy is growing. Our bond sale today provides the capital necessary to invest in communities across Minnesota, ensuring Minnesotans can continue enjoying the high quality of life they know and deserve.” The three series of general obligation bonds sold today include: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>$397,720,000 General Obligation State Various Purpose Bonds, Series 2018A (3.102 percent interest)</li> <li>$206,000,000, General Obligation State Trunk Highway Bonds, Series 2018B (2.999 percent interest)</li> <li>$16,000,000, General Obligation Taxable State Various Purpose Bonds, Series 2018C (3.385 percent interest)</li> </ul> Kutak Rock acted as bond counsel on the transaction and Public Resources Advisory Group was the state’s financial advisor for the sale. Sound Fiscal Management Ahead of the sale, the State of Minnesota was <a href="https://mn.gov/governor/newsroom/#/detail/appId/1/id/347221" target="_blank">upgraded to AAA by Standard & Poor’s</a>, while Fitch affirmed the state’s AAA rating, and Moody’s affirmed its Aa1 rating. Fitch and Standard & Poor’s rating of AAA is the highest rating awarded by the agencies. A state’s credit ratings play an important role in obtaining low interest rates for a bond sale. Today’s interest rates are in line with other triple-A states. In upgrading Minnesota to AAA, Standard and Poor’s noted: “The stable outlook on Minnesota reflects our view of the state's improved financial position and recently passed pension reform. The state has shown a commitment to actively managing its long-term liabilities to better align its statutory funding of the pension with actuarially determined contributions and through benefit reductions.” S&P also called out the state’s sound financial management and leadership, saying: “The state has historically had very strong budget management. Minnesota has strong policies and procedures. It was able to manage through the political impasse between the governor and the legislature over tax reform adopted in the fiscal 2018-2019 biennium… We have assigned a score of ‘1.5’ to the state's overall financial management, on a scale where '1.0' is the strongest score and '4.0' the weakest.” Access the <a href="http://mn.gov/gov-stat/pdf/RatingsDirect_MinnesotaGODebtUpgradedToAAAFromAAOnImprovedFinancialPerformanceSeries2018ACGOBondsRatedAAA_39439464_Jul-25-2018.PDF" target="_blank">full report from Standard and Poor’s website</a>. The low interest rates secured in today’s bond sale also furthers Minnesota Management and Budget’s efforts to manage state finances and debt in a fiscally responsible manner. In April, MMB reviewed recent state bond refinancing, finding that <a href="https://mn.gov/mmb/mmbhome/#/detail/appId/1/id/337116" target="_blank">Minnesota has locked in $300 million in savings since 2011</a>. The $300 million in savings is spread out over the life of state bonds, with a savings of $12.8 million in fiscal year 2019 alone. The annual savings ranges from $12.8 million to $21.9 million over the next 10 years. These savings are reflected in the current budget forecast. ### Contact: Keith Hovis, Communications Director Phone: 651-259-3666 Email: <a href="mailto:keith.hovis@state.mn.us" target="_blank">keith.hovis@state.mn.us</a>3481802018-08-07T20:14:40ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Bond</Subject><Subject>Fiscal</Subject><Subject>Rating</Subject><Subject>Budget</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Minnesota Earns AAA Bond Ratings 230 Minnesota Upgraded to AAA<custom:Link urlOnly="true" type="Component" destination="tcm:1059-347218" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-07-25T18:50:16ZST. PAUL, MN – In separate announcements today, two national bond rating agencies – Fitch and Standard and Poor’s – gave the State of Minnesota their highest “AAA” bond ratings, affirming that Minnesota is in prime fiscal health and a safe bet for borrowers.1059ST. PAUL, MN – In separate announcements today, two national bond rating agencies – Fitch and Standard and Poor’s – gave the State of Minnesota their highest “AAA” bond ratings, affirming that Minnesota is in prime fiscal health and a safe bet for borrowers. Today’s bond rating announcements follow nearly eight years of sound fiscal management from the Dayton Administration – including difficult budget cuts, the elimination of budget shifts and gimmicks that threatened our fiscal health, the long-term stabilization of the State’s revenues, structural budget balances into the future, and historic savings in Minnesota’s Budget Reserves to protect the State’s finances from future economic downturns. <a href="https://mn.gov/governor/newsroom/#/detail/appId/1/id/347221" target="_blank">Read the full press release</a>3472182018-07-25T19:31:31ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>revenue and economic update</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Revenue and Economic Update220 July Revenue and Economic Update<custom:Link urlOnly="true" type="Component" destination="tcm:1059-345781" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-07-10T17:00:00ZMinnesota’s net general fund receipts for FY 2018 are now estimated to total $22.034 billion, $348 million (1.6 percent) more than projected in the February 2018 Budget and Economic Forecast. 1059Minnesota’s net general fund receipts for FY 2018 are now estimated to total $22.034 billion, $348 million (1.6 percent) more than projected in the February 2018 Budget and Economic Forecast. Higher than expected net individual income tax, corporate tax receipts, and other receipts more than offset net sales tax receipts that were less than forecast. General fund revenues for FY 2018 are now estimated to be 4.7 percent greater than in FY 2017. State revenues in the final quarter of FY 2018 were $342 million more than forecast. (<a href="https://mn.gov/mmb-stat/000/az/forecast/2018/revenue-and-economic-update/july-2018.pdf#page=4">See page 4 for details.</a>)<a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf"> </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/revenue-and-economic-update/july-2018.pdf">View complete July 2018 Revenue and Economic Update </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf"> </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" xmlns="http://www.w3.org/1999/xhtml" /> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb/forecast/update/" />3457812018-07-10T20:14:36ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Statement from MMB Commissioner Frans on the US Supreme Court’s Ruling in Janus v. AFSCME201 Statement from MMB Commissioner Frans<custom:Link urlOnly="true" type="Component" destination="tcm:1059-343852" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-06-27T18:52:19ZST. PAUL, MN – Today, Minnesota Management and Budget Commissioner Myron Frans issued the following statement regarding the United States Supreme Court’s decision in Janus v. AFSCME.1059For Immediate Release: June 27, 2018 Statement from MMB Commissioner Frans on the US Supreme Court’s Ruling in Janus v. AFSCME ST. PAUL, MN – Today, Minnesota Management and Budget Commissioner Myron Frans issued the following statement regarding the United States Supreme Court’s decision in Janus v. AFSCME. “The Supreme Court’s decision today in the case of Janus v. AFSCME was surprising in its determination that fair share union fees paid by public employees who are not members of their bargaining units violates the U.S. Constitution. Currently, employees who elect not to join the union that represents them pay a fair share fee instead of union dues, as they are still represented by the union in collective bargaining and grievances. My staff and I work closely with the unions that represent state of Minnesota employees, and I know how hard they work on behalf of all the employees they represent. My staff is currently reviewing today’s ruling. Once that review is complete, we will take any necessary steps to ensure Minnesota is in full compliance with the law.” ### Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:Keith.Hovis@state.mn.us">Keith.Hovis@state.mn.us</a> 3438522018-06-27T18:56:54ZNews Releases223491May 2018 Monthly Revenue Review May 2018 Monthly Revenue Review NewsReleaseengNews Releases223374May 2018 Monthly Revenue Review200 May 2018 Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-342009" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-06-11T17:00:00ZNet general fund revenues totaled $1.562 billion in May, $74 million (4.9 percent) more than forecast in the February 2018 Budget and Economic Forecast. 1059Net general fund revenues totaled $1.562 billion in May, $74 million (4.9 percent) more than forecast in the February 2018 Budget and Economic Forecast. Net individual income and other tax revenues were larger than forecast, more than offsetting lower than expected net sales and corporate tax revenues. So far in fiscal year 2018, net individual income tax collections that are connected to tax year 2017 are estimated to be $273 million above forecast. Total year to date receipts are now $19.339 billion, $332 million (1.7 percent) higher than forecast.<a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf"> </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/may-2018.pdf" title="May 2018 Revenue Review memo">View complete May 2018 Revenue Review memo </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf"> </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" xmlns="http://www.w3.org/1999/xhtml" /> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /><a href="https://mn.gov/mmb/forecast/update/" />3420092018-06-11T16:09:08ZNews Releases223491<Publisher/><Subject>pension</Subject><Subject>retirement</Subject><Subject>legislation</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Governor Dayton Signs Bipartisan Pension Legislation to Stabilize Benefits for 511,000 Minnesotans200<custom:Link urlOnly="true" type="Component" destination="tcm:1059-341406" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-05-31T19:51:01ZThe new law will immediately eliminate $3.4 billion in unfunded pension liabilities and put the State of Minnesota on a path to fully fund state pensions within 30 years.1059The Retirement Systems of Minnesota provide retirement benefits to retired teachers, firefighters, judges, pilots, and other state and local government employees throughout the state The new law will immediately eliminate $3.4 billion in unfunded pension liabilities and put the State of Minnesota on a path to fully fund state pensions within 30 years ST. PAUL, MN – Joined by public servants from across state and local government, Governor Mark Dayton today signed bipartisan legislation (H.F. <a href="https://www.revisor.mn.gov/bills/bill.php?f=HF3053&y=2018&ssn=0&b=house">3053</a>/S.F. <a href="https://www.revisor.mn.gov/bills/bill.php?f=SF2620&y=2018&ssn=0&b=senate">2620</a>) to ensure Minnesota’s public employee pension plans remain solvent, and that promises are kept to Minnesota workers and retirees. There are currently 173,000 retirees – teachers, firefighters, snowplow drivers, veterans home care workers, and other state and local government employees – and 511,000 total beneficiaries throughout Minnesota who will benefit from the reforms. The new law requires public employees, retirees, and state government to all collectively share the burden of ensuring the long-term solvency of the plans. Making these adjustments now will help ensure that more drastic and painful changes are not needed. “Hard working Minnesotans who have dedicated their lives and careers to serving our state deserve the security of retirement benefits they have rightly earned,” said Governor Dayton. “This bipartisan legislation stabilizes pension benefits for 511,000 workers, retirees, and their families. I thank members of the pension commission, Legislators, and my terrific MMB Commissioner Myron Frans for securing the bipartisan enactment of these essential reforms.” <a href="https://mn.gov/governor/newsroom/#/detail/appId/1/id/341345" target="_blank" class="button-brand-secondary">Read the full press release </a>3414062018-05-31T20:05:26ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374State of Minnesota wins top award for unified logo180 State of Minnesota wins top award for unified logo<custom:Link urlOnly="true" type="Component" destination="tcm:1059-340143" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-05-18T19:32:10ZIn 2016, agencies collaborated to roll out a unified logo, bringing state agencies, boards, and commissions together under one state brand. Last night, that effort received the Northern Lights Award, the highest recognition from the Minnesota Association of Government Communicators.1059For Immediate Release: May 18, 2018 State of Minnesota wins top award for unified logo ST. PAUL, MN – An effective logo evokes the personality of organizations. One consistent, easily recognizable image can improve public trust and build brand awareness. For years, State of Minnesota agencies used their own logos and branding, diluting awareness for all the ways state government impacts the lives of Minnesotans. In 2016, agencies collaborated to roll out a unified logo, bringing state agencies, boards, and commissions together under one state brand. Last night, that effort received the Northern Lights Award, the highest recognition from the Minnesota Association of Government Communicators. The new logo aims to build brand awareness and confidence in services the state provides, and to support agencies’ employment recruitment efforts. The project centralized design resources on a new website with accessible templates, style guides, logos, and more. The multi-year rollout strategy involved launching the logo first on websites and social media, then updating materials, signage, and physical assets as they were used or scheduled to be replaced. “This effort stems from Governor Dayton’s better government initiative to ensure state government is efficient and effective for residents, visitors, and business,” said Laura Cederberg, Assistant Chief of Staff to Governor Mark Dayton. “We believe making it easier to find and interact with the state is another step in improving our customer service.” “The state’s new, unified logo is positively impacting the way we connect and serve Minnesotans,” said Janelle Tummel, Assistant Commissioner for Enterprise Communications and Planning, Minnesota Management and Budget. “One area where we see major progress under the new logo is our recruiting and retention efforts. We want job seekers to recognize us and think of us as a great place to start and grow a career. Having a fresh and consistent logo supports our work to recruit and retain the best talent.” The logo also plays a role in cybersecurity efforts. “Spoofed government accounts are one of the biggest threats that Minnesotans face online. Pre-launch, we faced phishing attacks that looked more legitimate than our official accounts. Protecting one unified brand helps level the playing field between the state and bad actors,” said Jenna Covey, Deputy Commissioner, Minnesota IT Services. “I thank the many partners who helped bring this multi-year effort to fruition. From champions like former Lt. Governor Tina Smith and chief of staff Jaime Tincher, to Explore Minnesota and Little (Minneapolis-based branding agency) where the logo first originated, to all the designers and communicators across the state who contributed their talents, this was truly an example of government using resources wisely and doing what’s best for Minnesota,” said Myron Frans, Commissioner, Minnesota Management and Budget. The Northern Lights Awards contest recognizes outstanding work in Minnesota's government, educational and nonprofit communications, and provides valuable feedback for all entries from the communications professionals who judge the contest. The first-place Northern Lights Award is granted to the one entry in each category that stands out from all others as representing the very best in government communications. This award honors an entry whose quality has wowed the judges—exceeding expectations, accomplishing intended goals, demonstrating creativity and making excellent use of available resources. The contest is conducted annually by the Minnesota Association of Government Communicators. Learn more about the state brand at <a href="http://mn.gov/brand" target="_blank">mn.gov/brand</a>. ### Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:Keith.Hovis@state.mn.us" target="_blank">Keith.Hovis@state.mn.us</a>3401432018-05-18T19:48:23ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374April 2018 Monthly Revenue Review170 April Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-338694" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-05-10T17:00:00ZNet general fund revenues totaled $2.453 billion in April, $252 million (11.5 percent) more than forecast. 1059Net general fund revenues totaled $2.453 billion in April, $252 million (11.5 percent) more than forecast. Net receipts from individual income and corporate taxes for the month exceeded the forecast, while sales tax and other revenues were lower than expected. For April, the month in which most tax year 2017 income tax payments are made, the combination of payments and refunds connected to 2017 tax returns is about $219 million above forecast. For fiscal year 2018, year to date receipts are now $17.776 billion, $258 million (1.5 percent) more than forecast.<a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf"> </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf">View complete April Revenue Review memo </a> <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/april-2018.pdf" /> <a href="https://mn.gov/mmb/forecast/update/" />3386942018-05-10T17:00:24ZNews Releases223491Debt managementPress releasesdebt managementengState Saves $300 Million through Sound Debt Management 160 Press release: Debt management<custom:Link urlOnly="true" type="Component" destination="tcm:1059-337116" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-04-26T14:51:40ZAfter a recent review of state bond refinancing, Minnesota Management and Budget (MMB) today announced Minnesota has locked in $300 million in savings since 2011.1059ST. PAUL, MN – After a recent review of state bond refinancing, Minnesota Management and Budget (MMB) today announced Minnesota has locked in $300 million in savings since 2011. Like refinancing a house, the state actively monitors interest rates and identifies opportunities for savings. By refinancing state debt at the right time and taking advantage of low interest rates, Minnesota is responsibly managing debt and saving taxpayer money. The $300 million in savings is spread out over the life of state bonds, with a savings of $12.8 million in fiscal year 2019 alone. The annual savings ranges from $12.8 million to $21.9 million over the next 10 years. These savings are reflected in the current budget forecast. “Under Governor Mark Dayton’s leadership, Minnesota has a reputation for sound fiscal management. This is evidenced by our state having some of the highest credit ratings in the nation, with Fitch restoring Minnesota to a triple-A bond rating in 2016. As a result, we refinanced our debt, saving taxpayers millions of dollars, while also making investments in vital public works projects across the state,” said MMB Commissioner Myron Frans. With interest rates still historically low and the State’s high credit ratings, now is the time to make substantial investments in our state’s future. Governor Dayton proposed a $1.5 billion public works bill that would make urgently-needed investments to build world-class colleges and universities for Minnesotans, and improve and repair state buildings and other critical infrastructure across the state. Given the significant need for investments in higher education institutions statewide, Governor Dayton’s proposal would invest $542 million at the University of Minnesota and Minnesota State campuses. An additional $998 million would be directed to improving state buildings, building affordable housing, repairing clean water infrastructure, and other infrastructure projects across Minnesota. View a full list of these local project proposals. “The Governor’s 2018 public works proposal invests in much needed asset preservation across Minnesota, ensuring state facilities are up-to-date and fully functional, which allows state employees to provide Minnesotans with the services they need and the high-quality of life they know and deserve. Debt service on the Governor’s asset preservation proposal would be $10.3 million in fiscal year 2019. The savings we’ve seen through refinancing more than covers that amount. I look forward to working with the Governor and the Legislature on passing a bonding bill this session that will not only create jobs, but invest in our communities,” Minnesota Management and Budget Commissioner Myron Frans said. According to the recent Debt Capacity Forecast, the state has $3.5 billion in available bonding capacity. The Governor’s $1.5 billion public works bill proposal remains well within that available bonding capacity. ### Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:keith.hovis@state.mn.us">Keith.Hovis@state.mn.us </a> <a href="https://mn.gov/mmb-stat/press-releases/2018/4-26-2018-debt-management-release.pdf">Printable version of press release (pdf version) </a>3371162018-04-26T15:02:17ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374April 2018 Revenue and Economic Update140 March Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-335401" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-04-10T19:21:37ZMinnesota’s net general fund receipts totaled $2.567 billion during the months of February and March 2018, or $6 million (0.2 percent) more than projected in the February 2018 Budget and Economic Forecast. 1059Minnesota’s net general fund receipts totaled $2.567 billion during the months of February and March 2018, or $6 million (0.2 percent) more than projected in the February 2018 Budget and Economic Forecast. Receipts for the individual income tax, sales tax, and other revenues were higher than expected for the period, while net corporate tax receipts were lower than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/march-2018.pdf">See complete document, including tabular data </a> <a href="https://mn.gov/mmb/forecast/update/" />3354012018-04-10T20:06:05ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374For Immediate Release: Health Insurance Premiums Reduced for Nearly 118,000 Minnesotans in 2017130 Health Insurance Premiums Reduced for Nearly 118,000 Minnesotans in 2017<custom:Link urlOnly="true" type="Component" destination="tcm:1059-335361" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-04-10T15:14:03ZMinnesota families saved an average $350 per month, or $4,200 per year, to reduce the cost of health insurance. Individuals saw an average $136 per month, or $1,632 per year, to reduce their health insurance premiums.1059Minnesota families saved an average $350 per month, or $4,200 per year, to reduce the cost of health insurance Individuals saw an average $136 per month, or $1,632 per year, to reduce their health insurance premiums ST. PAUL – Minnesota’s Premium Assistance Program saved nearly 118,000 eligible Minnesotans and their families thousands of dollars on their health insurance premiums in 2017. Now, as the one-year program comes to an end, Minnesota Management and Budget (MMB) released a new report today providing additional data about the number of Minnesotans who benefitted from the program, and how. In the fall of 2016, health insurance premium costs increased by 50 to 60 percent for Minnesotans in the individual insurance market for the new plan year, 2017. There was widespread concern that Minnesota’s individual insurance market could collapse entirely in 2017. In response, Governor Mark Dayton directed MMB to design a premium relief plan that could be implemented quickly with little cost in order to provide premium relief as soon as possible in 2017. In late January of 2017, the Minnesota Legislature passed and Governor Dayton signed into law the MMB-designed Premium Assistance Program. Now, as the year-long program comes to an end, data from MMB shows that 117,985 Minnesotans benefited from the program in 2017. “This program helped many thousands of Minnesotans and their families purchase health coverage they needed, at prices they could better afford,” said Governor Dayton. “However, a recent Department of Health report showed that despite this assistance, rising premiums have caused over 116,000 Minnesotans to drop their health insurance altogether. I urge the Legislature to pass my MinnesotaCare Buy-In proposal. It would give Minnesotans who purchase their health insurance on the individual market the choice to buy the quality coverage they need, at prices estimated to be 28 percent less than other commercial health plans.” Minnesota’s Premium Assistance Program was made possible due in part to a unique public-private partnership between MMB and insurance companies in the individual market, led by program director Dara Johnson-Ayodele. By working together to set up the program, many eligible Minnesotans saw the premium relief reflected on their monthly insurance statements within two months of Governor Dayton signing the program into law. Eligible policy holders received a 25 percent subsidy that adjusted their purchase price directly from their insurance carriers. MMB then verified the eligibility for every person receiving the subsidy, and reimbursed the insurance plans. “Our goal with this program was to achieve three things in 2017: (1) provide immediate premium relief of 25 percent to those Minnesotans who qualified, (2) help stabilize the individual market in Minnesota, and (3) implement the program in a cost-effective way. We achieved all three objectives through this program,” MMB Commissioner Myron Frans said. “This program is an example of the importance and effectiveness of collaboration with the public and private sectors working together to help nearly 118,000 Minnesotans reduce their health insurance costs by 25 percent in 2017.” According to MMB data released today, the average savings for a single person who received premium subsidies was $136.22 per month. The average savings for a family of four who received premium subsidies was $350.94 per month. In total, insurance companies requested a total of $137.3 million in reimbursements. To-date, the cost of administering the program has totaled $160.7 thousand. <table style="width: 100%; border-style: solid;" class="table-striped" border="1" cellspacing="1" cellpadding="2" xmlns="http://www.w3.org/1999/xhtml"> <tbody> <tr> <td style="border-style: solid;"> <h3>Premium Assistance 2017 Program Totals </h3> </td> <td style="border-style: solid;"> </td> </tr> <tr> <td style="border-style: solid;">Total Minnesotans who received Premium Assistance </td> <td style="border-style: solid;">117,985 </td> </tr> <tr> <td style="border-style: solid;">Total Number of Policies </td> <td style="border-style: solid;">78,677 </td> </tr> <tr> <td style="border-style: solid;">Total Amount Reimbursed </td> <td style="border-style: solid;">$137.3 Million </td> </tr> <tr> <td style="border-style: solid;">Total MMB Administration Costs to date </td> <td style="border-style: solid;">$160,700 </td> </tr> </tbody> </table> Pursuant to the Biennial Budget passed in 2017, $98.8 million of unspent program funds were returned to the general fund in November, and the remaining $75 million will be cancelled and returned to the state’s budget reserve under current law. The Governor’s supplemental budget reallocates these remaining program resources to help fund a reserve for the MinnesotaCare Buy In and for other priorities. ### Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:%20Keith.Hovis@state.mn.us" target="_blank">Keith.Hovis@state.mn.us</a>3353612018-04-10T15:33:20ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374For Immediate Release: Minnesota Management and Budget Commissioner Frans Statement on Senate and House Approval of Employee Contracts and Plans 120 Senate and House Approval of Employee Contracts and Plans<custom:Link urlOnly="true" type="Component" destination="tcm:1059-332353" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-03-26T21:00:32ZST. PAUL, MN – Today, Minnesota Management and Budget Commissioner Myron Frans released the following statement after both the Minnesota Senate and House voted to approve contracts and plans for state employees:1059ST. PAUL, MN – Today, Minnesota Management and Budget Commissioner Myron Frans released the following statement after both the Minnesota Senate and House voted to approve contracts and plans for state employees: “Today, both bodies of the Minnesota Legislature approved contracts and employee plans for state workers. My note to the Senate and House: Thank you for supporting our talented and hard-working state workers and supporting the work they do that is vitally important to our great state. I want to acknowledge the dedication that my colleagues bring to their jobs. I am honored to work with people who so thoroughly believe in the importance of public service. Every day their work has an impact on the lives of Minnesotans throughout the state. I am grateful to the Senate and House for taking this important step to provide fair contracts to our workers.” The following contracts and employee plans were included in the Senate and House's approval: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>American Federation of State, County, & Municipal Employees (AFSCME)</li> <li>AFSCME, Unit 8 (Corrections)</li> <li>AFSCME, unit 225 (Radio Communication Operators)</li> <li>Minnesota Association of Professional Employees (MAPE)</li> <li>Minnesota Government Engineer's Council (MGEC)</li> <li>Middle Management Association (MMA)</li> <li>State Residential Schools Education Association (SRSEA)</li> <li>Commissioner’s Plan, including Medical Specialist Addendum</li> <li>Managerial Plan</li> <li>Minnesota Nurses Association (MNA)</li> <li>MNsure Managerial Plan</li> <li>Office of Higher Education Unclassified Personnel Compensation Plan</li> <li>Minnesota State Personnel Plan for Administrators</li> <li>Inter Faculty Organization</li> </ul> The contracts and employee plans will now go to the Governor for him to sign. ### Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, Keith.Hovis@state.mn.us3323532018-03-26T21:15:32ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Governor Dayton Releases Supplemental Budget Recommendations for Fiscal Year 2018-2019110 Governor's Recommendations for Supplemental Budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-330546" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-03-16T15:36:58ZToday Governor Dayton releases his budget recommendations For a Better Minnesota. 1059Today Governor Mark Dayton released his <a href="https://mn.gov/governor/issues/budget/">recommendations for the Supplemental Budget for Fiscal Year 2018-2019</a>. Data for the Governor's recommendations for the Supplemental Budget for Fiscal Year 2018-2019 are published on the <a href="https://mn.gov/mmb/budget/currentbud/gov18-19/index.jsp">Minnesota Management and Budget website</a>. 3305462018-03-16T18:35:25ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Governor Dayton to Deliver State of the State Today, March 14100 State of the State<custom:Link urlOnly="true" type="Component" destination="tcm:1059-330376" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-03-14T16:03:52ZGovernor Mark Dayton will deliver his annual State of the State Address at the Minnesota State Capitol House Chamber at 7:00 p.m. March 14. 1059At 7:00pm on Wednesday, March 14, 2018, Governor Mark Dayton will deliver his annual State of the State Address at the Minnesota State Capitol House Chamber. For members of the press with logistical questions on covering the Governor’s Address at the State Capitol, please <a href="http://www.house.leg.state.mn.us/sergeant/sergeant.asp">contact the House Sergeant-at-Arms Office</a>. For information on how to follow the State of the State live, visit <a href="https://mn.gov/governor/newsroom/?id=1055-330331">Governor Dayton’s website for information on where to stream the speech</a>. <a href="https://mn.gov/mmb/forecast/update/" />3303762018-03-14T16:08:47ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374February 2018 Monthly Revenue Review090 February Monthly Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-328719" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-03-12T15:58:04ZNet general fund revenues totaled $1.029 billion in February, $32 million (3.2 percent) more than forecast. 1059Net general fund revenues totaled $1.029 billion in February, $32 million (3.2 percent) more than forecast. Net receipts from individual income, sales, and corporate taxes for the month exceeded the forecast, while other revenues were lower than expected. For fiscal year 2018, year to date receipts are now $13.785 billion. Because forecast receipts are now updated to reflect the February 2018 Budget and Economic Forecast, the fiscal year-to-date variance is the same as the monthly variance, $32 million above the forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/february-2018.pdf">See complete document, including tabular data </a> <a href="https://mn.gov/mmb/forecast/update/" />3287192018-03-12T16:03:44ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374State of Minnesota Releases 2018 February Budget and Economic Forecast080 Forecast - Revenue Update - February<custom:Link urlOnly="true" type="Component" destination="tcm:1059-327920" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-02-28T15:29:30ZA surplus of $329 million is now projected for the 2018-19 biennium. Higher forecasts for all major tax types contribute to the change. 1059St. Paul—Today, Minnesota Management and Budget (MMB) released the 2018 February Budget and Economic Forecast. Minnesota’s budget and economic outlook has improved since November. A surplus of $329 million is now projected for the FY 2018-19 biennium. The revenue forecast for the biennium is up $353 million compared to November estimates. Higher forecasts for all the major tax types contribute to the change. This forecast reflects increased U.S economic growth arising in part from short term stimulus from federal tax law changes. After accounting for recently enacted legislative budget appropriations, spending for the biennium is projected to be $167 million lower than November estimates. Federal reauthorization of appropriations for the Children’s Health Insurance Program (CHIP) is the most significant driver of the lower overall expenditure forecast. The improved budget outlook continues into the FY 2020-21 planning estimates with modest structural balance projected for that biennium. MMB Commissioner Myron Frans, State Economist Dr. Laura Kalambokidis, and State Budget Director Margaret Kelly will present the forecast at 12:15 p.m. today in room 15 of the Minnesota State Capitol. After presenting the forecast, they will be joined by Governor Mark Dayton. Note: Full forecast documents will be posted online today around 11:00 a.m. To receive this information: Sign up for <a href="https://public.govdelivery.com/accounts/MNMMB/subscriber/new?topic_id=MNMMB_212">MMB email alerts</a> Follow MMB on <a href="https://twitter.com/MMBCommunicates">Twitter</a> and <a href="http://www.facebook.com/MinnesotaManagementAndBudget/">Facebook</a> Visit MMB’s website at <a href="https://www.mn.gov/mmb/forecast/forecast/">mn.gov/mmb</a> ### Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:Keith.Hovis@state.mn.us">Keith.Hovis@state.mn.us</a> <ul xmlns="http://www.w3.org/1999/xhtml"> <li><a href="https://mn.gov/mmb-stat/press-releases/2018/2-28-2018-february-forecast-release.pdf">View this press release (PDF version) </a></li> <li><a href="https://mn.gov/mmb/forecast/forecast/">View complete forecast and supplemental budget documents </a></li> </ul> <a href="https://mn.gov/mmb/forecast/update/" />3279202018-02-28T17:02:54ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>January 2018 Revenue Review070 January 2018 Revenue Review<custom:Link urlOnly="true" type="Component" destination="tcm:1059-326461" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-02-12T15:50:55ZNet general fund revenues totaled $2.561 billion in January, $349 million (15.8 percent) more than forecast. 1059Net general fund revenues totaled $2.561 billion in January, $349 million (15.8 percent) more than forecast. Net receipts from individual income, corporate, and other taxes for the month exceeded the forecast, while net sales tax receipts were lower than expected. For fiscal year 2018, year to date receipts are now $12.757 billion, $568 million (4.7 percent) more than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2018/monthly-revenue-review/january-2018.pdf">Read complete document, including tabular data.</a>3264612018-02-12T16:30:15ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>Asset Preservation Release060 Asset Preservation Release<custom:Link urlOnly="true" type="Component" destination="tcm:1059-326129" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-02-08T17:06:59ZFrom Fallen Duct Work to Lack of Potable Water: State of Minnesota must make critical investments to restore, maintain and improve buildings and facilities for future generations. 1059<img src="/mmb/assets/MN%20Logo%20Horizontal%20RGB-01_tcm1059-326123.png" title="minnesota-logo" alt="minnesota-logo" style="width: 30%; height: auto" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="minnesota-logo" /> For Immediate Release: February 8, 2018 <h1 xmlns="http://www.w3.org/1999/xhtml">From Fallen Duct Work to Lack of Potable Water: State of Minnesota must make critical investments to restore, maintain and improve buildings and facilities for future generations </h1> ST. PAUL, MN – Today, Department of Administration Commissioner Matt Massman and Minnesota Management and Budget Commissioner Myron Frans highlighted the importance of maintaining, restoring and improving current state buildings as they detailed key projects included in Governor Dayton’s 2018 public works proposal. Governor Dayton has proposed $458 million - roughly a third of the $1.5 billion bonding proposal - in improvements to state park facilities, state laboratories, psychiatric hospital renovations, and mechanical system replacement at buildings all across Minnesota. A statewide analysis of state buildings show approximately 50 percent of state and higher education buildings are currently in “fair” or worse condition. It costs an average of 72 percent more to repair a structure once it reaches “poor” condition than when it is in a “fair” condition. The State of Minnesota estimates it would cost an estimated $8.2 billion over the next decade simply to restore and maintain our current state and higher education infrastructure. “As state buildings and other critical infrastructure age, the need to provide critical maintenance is growing by the day, and our investment has not kept pace with the growing need. It would cost an estimated $8 billion over the next decade simply to restore and maintain our current state and higher education infrastructure,” said Minnesota Management and Budget Commissioner Myron Frans. “These are common sense investments and the right thing to do. The alternative is unsafe workplaces and higher costs for repair down the road.” State facilities identified as in critical need for repair by the Dayton Administration are located in local communities across the state. For three years, Blue Mounds State Park outside the city of Luverne has been without potable water due to ground water contamination impacting drinking water, showers, and toilets. At the correctional facility in Faribault, heating, ventilation, and air conditioning (HVAC) duct work fell from the ceiling in a work station where employees were working. And at the Fort Snelling Visitor’s Center, extensive water intrusion led the State Archaeologist’s office to install a tarp with a drain to collect and siphon leaking water away from research stations and valuable files. “Minnesotans know the importance of fixing a leaking roof and maintaining the furnace,” said Minnesota Department of Administration Commissioner Matt Massman. “Throughout Minnesota, state buildings essential to serving the public are in need of extensive repairs to keep water out and function safely. If we don’t take action now, the problem just gets worse while the price tag only gets bigger. Governor Dayton’s investment to take care of what we have is the fiscally responsible choice.” In addition to urgently needed investments for current state buildings, Governor Dayton’s public works proposal would invest $542 million in maintaining and improving public higher education classrooms and facilities statewide. These investments would help ensure that all Minnesotans can access a world-class education no matter where they live. <a href="https://mn.gov/mmb-stat/reports/2018/asset-preservation-examples.pdf" target="_blank">See images of current state facilities requiring critical improvements and restoration work</a>. See a full list of the public works projects included in Governor Dayton’s proposal, <a href="http://mn.gov/gov-stat/pdf/2018_01_16_SNAPSHOT_governor_bonding_projects_by_county.pdf" target="_blank">listed by county</a>. See full descriptions of all of the <a href="http://mn.gov/gov-stat/pdf/2018_01_16_MMB_Narratives_Governor_2018_Capital_Budget.pdf" target="_blank">projects included in the bill</a>. <h2 xmlns="http://www.w3.org/1999/xhtml">A Note about Local Projects</h2> In addition to the public works projects proposed by Governor Dayton, communities across Minnesota have submitted proposals for $858 million in other urgently-needed local bonding projects – demonstrating the significant need for substantial infrastructure investments in the upcoming legislative session. Though not part of his public works bill, the Governor believes these projects merit state investments, and he looks forward to working with the Legislature to include many of them in a final bill during the 2018 Legislative Session. <a href="http://mn.gov/gov-stat/pdf/2018_01_16_SNAPSHOT_local_project_requests.pdf" target="_blank">View a full list of these local project proposals</a>. ### Contact: Curtis Yoakum, Minnesota Department of Administration Director of Communications 651-201-2771, <a href="mailto:Curtis.Yoakum@state.mn.us" target="_blank">Curtis.Yoakum@state.mn.us</a> Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:Keith.Hovis@state.mn.us" target="_blank">Keith.Hovis@state.mn.us</a>3261292018-02-08T17:30:03ZNews Releases223491MMB Publishes 2018 State of Minnesota's Efforts to Employ and Support Veterans ReportengBudget, Proposal2018-01-16T16:39:17ZMMB Publishes 2018 State of Minnesota's Efforts to Employ and Support Veterans Report050 State of Minnesota's Efforts to Employ and Support Veterans<custom:Link urlOnly="true" type="Component" destination="tcm:1059-325760" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-02-02T19:08:13ZData in this report are compiled by state agencies to demonstrate their support and commitment to making Minnesota a more military- and veteran-friendly state.1059Executive Summary of this Report The Commissioner of Minnesota Management and Budget (MMB) is required by Minnesota law (Article 3, Section 22 of Chapter 94) to annually collect data on the number of veterans in cabinet-level state agencies and veteran information at various points in the state recruitment and selection process. In addition, Executive Order 10-13 instructs state agencies to submit to MMB their veteran-focused recruitment and retention efforts demonstrating their support and commitment to making Minnesota a more military- and veteran-friendly state. Recently, MMB kicked off a statewide campaign to acknowledge, support, and extend appreciation to our veterans, service members, employees, and fallen heroes throughout the month of November 2017. Activities were planned as a part of the state's efforts to acknowledge current veterans and active service members currently working for the state, and also to recruit more veterans and active service members to consider state employment. According to fiscal year 2017 data, approximately 8.3 percent of the state government full-time employees in cabinet-level agencies self-identified as veterans. By comparison, 7.3 percent of Minnesota’s population over the ages of 18 are veterans (US Census, 2016 American Community Survey). Cabinet-level agencies hired 413 (7.5 percent) veterans into full-time unlimited positions in fiscal year 2017. Note, employees are not required to self-identify their veteran status. Veterans are not a protected group under Minnesota law, however the state continually monitors and recruits this group. The state achieved its eight percent goal for percent of veterans in the State of Minnesota workforce. (The goal was based on U.S. Census statewide demographics.) Ten percent of all state employees are veterans. Our analysis shows that the number of veterans in state government will continue to decrease if the percent of veteran applicants and new hires does not increase to at least 13 percent. In fiscal year 2017: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Seven percent of all applicants were veterans.</li> <li>Almost nine percent of all hires were veterans. </li> <li>Ten percent of all state employees are veterans. </li> </ul> To promote the state as a veteran-friendly employer and to increase opportunities for veterans in state government during fiscal year 2017, state agencies: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Conducted veteran-focused recruitment and retention activities. </li> <li>Provided reintegration education and guidance. </li> <li>Built partnerships with veteran organizations and advocates. </li> <li>Provided support to deployed military employees. </li> <li>Retained job classifications whose sole purpose is supporting veterans and in some cases must be filled by veterans. </li> </ul> The Department of Administration’s Office of Equity in Procurement was established to improve the state’s spending with targeted business to make Minnesota state government more accessible to all Minnesotans. Using proven strategies the office along with the Governor’s diversity and inclusion initiative resulted in an increase in veteran owned business spending by 275 percent, from $1,824,015 to $6,839,966. The Minnesota Department of Veteran Affairs provides services to ensure that Minnesota’s veterans, their dependents, and survivors receive the full measure of benefits and services to which they are entitled. In addition, the Minnesota Department of Military Affairs provides support to the Minnesota National Guard members. <h2 xmlns="http://www.w3.org/1999/xhtml"><a href="https://mn.gov/mmb-stat/reports/2018/veterans-report.pdf">Access the full report (PDF version)</a></h2>3257602018-02-07T18:23:30ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled>Budget, Proposal</SubjectControlled></DublinCore><Date>2018-01-16T16:39:17Z</Date></metadata><Title>MMB Releases Report Following Review of State Sexual Harassment Policies and Procedures030 Press Release: Sexual Harassment Prevention Policy and Procedures<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-325053" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-01-26T14:50:37ZToday, following an extensive review of sexual harassment policies and procedures, Minnesota Management and Budget (MMB) released the State of Minnesota Executive Branch “Sexual Harassment Prevention Policy and Procedures Report,” which includes key recommendations for how the State of Minnesota can make state government workplaces more safe and inclusive for all employees.1059Today, following an extensive review of sexual harassment policies and procedures, Minnesota Management and Budget (MMB) released the State of Minnesota Executive Branch “Sexual Harassment Prevention Policy and Procedures Report,” which includes key recommendations for how the State of Minnesota can make state government workplaces more safe and inclusive for all employees. The report was completed at the request of Governor Mark Dayton, who issued a directive to MMB Commissioner Myron Frans this past November. “There is no place in our workplaces for sexual harassment. Every employee deserves a work environment that is safe, respectful, and supportive. To all state employees who have experienced harassment in the workplace, we see you. We hear you. We will do better,” Commissioner Myron Frans said. “This report is an important first step in assessing our workplace culture and putting forth recommendations on how to prevent sexual harassment, as well as how to better address a complaint if and when one is filed. We must do everything we can to ensure state employees feel informed, safe, supported, and empowered to report sexual harassment if and when it occurs. I look forward to working with my fellow commissioners in implementing the report’s recommendations.” The report found that while the State of Minnesota’s Executive Branch has a strong state policy prohibiting sexual harassment, more work can be done to improve the state’s workplace culture, increase consistency of training processes, and provide state employees additional resources for preventing and reporting sexual harassment. In response to the report, Chai Feldblum, Commissioner of the U.S. Equal Employment Opportunity Commission said, "As an individual Commissioner of the EEOC, I am gratified to see that Minnesota Management and Budget took a serious look at the June 2016 report I co-authored with my colleague Victoria Lipnic, and that they built many of the report's finding into their recommendations." The Report’s recommendations focus on centralizing and streamlining reporting processes, expanding communications and training for state employees, managers and directors, and increasing accountability for the implementation of the state’s sexual harassment policy. Recommendations from the comprehensive report include: <ol xmlns="http://www.w3.org/1999/xhtml"> <li>Create an independent, centralized office to receive reports of sexual harassment, conduct investigations, and enforce consistent application of the policy and procedures across the executive branch.</li> <li>Provide and routinely require expanded, multifaceted training on the sexual harassment prevention policies, procedures, and issues peripherally related to creating an inclusive and respectful workplace. The training should be entwined with a broader communication strategy to reinforce and engage employees. </li> <li>Hire and retain more diverse senior leaders and managers, and ensure all senior leaders and managers support a more inclusive culture, act to prevent sexual harassment, and respond appropriately when it occurs.</li> <li>Implement a robust communication plan to educate and remind all employees of the sexual harassment prevention policy, procedures, and training and highlight resources available in creating a more inclusive and respectful workplace. The communication plan should specifically include a comprehensive all-employee survey with routine follow-up and evaluation of progress and a statewide communications toolkit to provide resources uniformly across all agencies.</li> <li>Expand sexual harassment reporting options for employees, including studying the creation of an external hotline.</li> <li>Expand resources for enhancing a culture of respect in the workplace through employee resource groups, diversity speaking engagements, and cultural competency training.</li> <li>Update the statewide Sexual Harassment Prohibited Policy to include guidance on the roles and responsibilities of those who witness the sexual harassment of others.</li> <li>Develop senior leadership and management accountability for the implementation of the sexual harassment prevention policy and procedures and achieving the goal of a more respectful workplace through separate management training, evaluation through reporting to the governor, measurement through performance reviews, and support the role of affirmative action officers as integral to the sexual harassment reporting process and in achieving the goals of an inclusive work environment.</li> <li>Regularly review agency sexual harassment prevention policies, procedures, and reporting. Ensure strong internal controls by monitoring for changes and deficiencies and make adjustments when needed.integral to the sexual harassment reporting process and in achieving the goals of an inclusive work environment.</li> <li>Propose law changes that will allow more transparency into the process for those who report sexual harassment.integral to the sexual harassment reporting process and in achieving the goals of an inclusive work environment. </li> </ol> “The State of Minnesota is taking a strong stand against sexual harassment. The report issued today will serve as an important tool in ensuring that our workplace culture reflects the highest professional standards Minnesotans expect from their government and that the people we serve deserve,” said Department of Human Services Commissioner Emily Piper, a member of the Administration’s working group. While much of the research and conversation related to the report centered on sexual harassment, MMB recommends to Governor Dayton that prevention of all forms of protected class harassment and discrimination be included in state efforts whenever possible to accomplish the executive branch goal of creating a more inclusive and diverse workforce. Neither the judicial nor the legislative branches of state government are included in this report. To prepare the report, the State of Minnesota assembled a first-of-its-kind working group of senior leadership across the Administration, empowered by Governor Dayton to do a comprehensive top-to-bottom review of the state’s existing policies and procedures. This working group reviewed what dynamics unique to state government present challenges in providing consistent and effective processes and procedures for sexual harassment prevention. This panel included: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Emily Piper, Department of Human Services Commissioner</li> <li>Cynthia Bauerly, Department of Revenue Commissioner</li> <li>Tom Roy, Department of Corrections Commissioner</li> <li>Mona Dohman, Department of Public Safety Commissioner</li> <li>Shawntera Hardy, Department of Employment and Economic Development Commissioner;</li> <li>Major General Jon Jensen, Minnesota National Guard</li> </ul> Additionally, MMB engaged key stakeholders inside and outside state government to provide an objective review of our policies and procedures, and to field input on recommendations for their improvement. These organizations included: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Minnesota Council on Asian-Pacific Minnesotans</li> <li>Minnesota Council on Latino Affairs</li> <li>Minnesota Indian Affairs Council</li> <li>Council for Minnesotans of African Heritage</li> <li>State Services for the Blind</li> <li>Commission of Deaf, DeafBlind, and Hard of Hearing Minnesotans</li> <li>Ombudsman Office for Mental Health and Developmental Disabilities</li> <li>Governor's Council on Developmental Disabilities </li> <li>American Federation of State, County and Municipal Employees (AFSCME Council 5)</li> <li>Minnesota Association of Professional Employees (MAPE)</li> <li>Middle Management Association (MMA)</li> <li>Statewide Residential School Education Association (SRSEA)</li> <li>Minnesota Government Engineers Council (MGEC)</li> </ul> Next Steps In the coming weeks, MMB will prepare a proposal to present to the Governor Dayton regarding statutory changes and necessary appropriation requests to implement the recommendations. By working with the Governor and the Legislature, the state can better address the multifaceted issues related to preventing sexual harassment in the state’s workforce. Visit the Minnesota Management and Budget website to read the State of Minnesota Executive Branch <a href="https://mn.gov/mmb-stat/reports/2018/sexual-harassment-prevention-policy-and-procedures-report.pdf">“Sexual Harassment Prevention Policy and Procedures Report.”</a> Press Briefing Commissioner Frans and Department of Human Services Commissioner Piper will hold a press briefing to detail the findings and recommendations of the report at 11:00 a.m. Members of the media that are unable to attend may <a href="http://keith.hovis@state.mn.us">email Communications Director Keith Hovis</a> for call-in information. <ul xmlns="http://www.w3.org/1999/xhtml"> <li>What: Release of State of Minnesota Executive Branch “Sexual Harassment Prevention Policy and Procedures Report”</li> <li>Who: MMB Commissioner Myron Frans and DHS Commissioner Emily Piper</li> <li>When: Friday, January 26, 2017 at 11:00 a.m.</li> <li>Where: Governor’s Cabinet Room, Ground Floor, State Capitol, 75 Rev Drive Martin Luther King Jr Boulevard, St Paul, MN 55155 </li> </ul> ### Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, Keith.Hovis@state.mn.us <a href="https://mn.gov/mmb-stat/reports/2018/sexual-harassment-report-release-final.pdf">Read the full press release (pdf version)</a>3250532018-01-26T20:26:47ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled>Budget, Proposal</SubjectControlled></DublinCore><Date>2018-01-16T16:39:17Z</Date></metadata><Title>Statements from Commissioner Review Panel on Sexual Harassment Prevention Policy and Procedures Report 040 Supporting documents: Statements from Commissioner Review Panel on Sexual Harassment Prevention Policy and Procedures Report<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-325061" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-01-26T13:50:37ZStatements from the review panel on the report released today.1059ST. PAUL – Today, following an extensive review of sexual harassment policies and procedures, Minnesota Management and Budget (MMB) released the State of Minnesota Executive Branch “Sexual Harassment Prevention Policy and Procedures Report,” which includes key recommendations for how the State of Minnesota can make state government workplaces more safe and inclusive for all employees. To prepare the report, the State of Minnesota assembled a first-of-its-kind working group of senior leadership across the Administration, empowered by Governor Dayton to do a comprehensive top-to-bottom review of the state’s existing policies and procedures. This working group reviewed what dynamics unique to state government present challenges in providing consistent and effective processes and procedures for sexual harassment prevention. Below are statements from the review panel on the report: Cynthia Bauerly, Department of Revenue Commissioner: “We need to do everything we can to prevent sexual harassment in the State’s workforce. At the Department of Revenue, we have been working to create a shared vision of respect and inclusion for all employees. Moving forward the department will redouble our commitment to preventing sexual harassment and fostering a culture where everyone is heard and valued. The panel’s work – and the recommendations that came from it – give us important opportunities to help us prevent and address inappropriate behavior in the workplace.” Mona Dohman, Department of Public Safety Commissioner Mona: “We remain committed to providing a safe, secure and positive work environment for all state employees. That begins when we treat each other with respect and dignity, especially in the workplace. It also means sexual harassment cannot and will not be tolerated in any way. The recommendations in this report will build on our efforts to encourage victims and witnesses to report harassment, and to hold offenders accountable. There is no room for complacency, because even one case of sexual harassment is too many.” Myron Frans, Minnesota Management and Budget Commissioner: “There is no place in our workplaces for sexual harassment. Every employee deserves a work environment that is safe, respectful, and supportive. To all state employees who have experienced harassment in the workplace, we see you. We hear you. We will do better. This report is an important first step in assessing our workplace culture and putting forth recommendations on how to prevent sexual harassment, as well as how to better address a complaint if and when one is filed. We must do everything we can to ensure state employees feel informed, safe, supported, and empowered to report sexual harassment if and when it occurs. I look forward to working with my fellow commissioners in implementing the report’s recommendations.” Shawntera Hardy, Department of Employment and Equal Opportunity Commissioner: “The work done by Minnesota Management and Budget will ensure that state agencies in Minnesota have a sexual harassment policy that is complete, robust, and accountable. I believe it is imperative that state government sets the example for all places of employment when it comes to creating and implementing policies that protect Minnesota workers.” Major General Jon Jensen, Minnesota National Guard: "The Department of Military Affairs is fully committed to ensuring all employees can pursue their duties in a respectful workplace. Any form of harassment and discrimination has never been tolerated and is unacceptable. The Department of Military Affairs is devoted to offering all employees a workplace that treats people with dignity and respect." Emily Piper, Department of Human Services Commissioner: “The State of Minnesota is taking a strong stand against sexual harassment. The report issued today will serve as an important tool in ensuring that our workplace culture reflects the highest professional standards Minnesotans expect from their government and that the people we serve deserve.” Tom Roy, Department of Corrections Commissioner: “I support the recommendations of the review panel. Corrections work is difficult enough, and sexual harassment is intolerable. Our employees are well-trained to come forward with complaints, and all complaints are vigorously investigated. Our focus is on providing a safe environment for all staff, and we are committed to doing everything in our power to prevent this unacceptable behavior.” #### Contact: Keith Hovis, Minnesota Management and Budget Director of Communications 651-259-3666, <a href="mailto:Keith.Hovis@state.mn.us">Keith.Hovis@state.mn.us</a>3250612018-01-26T15:16:02ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled>Budget, Proposal</SubjectControlled></DublinCore><Date>2018-01-16T16:39:17Z</Date></metadata><Title>Governor's 2018 Proposed Capital Budget020 Governor's 2018 Proposed Capital Budget<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-323765" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-01-16T16:37:19ZGov. Dayton introduced a $1.5 billion public works proposal for urgently-needed investments to build world-class colleges and universities for Minnesotans, and improve and repair state buildings and critical infrastructure across the state.1059Gov. Dayton introduced a <a href="https://mn.gov/mmb/budget/capital-budget/current/" xmlns="http://www.w3.org/1999/xhtml">$1.5 billion public works proposal</a> for urgently-needed investments to build world-class colleges and universities for Minnesotans, and improve and repair state buildings and critical infrastructure across the state.3237652018-01-16T16:41:13ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374January 2018 Revenue and Economic Update010 FORECAST - Revenue Update - January<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-323396" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2018-01-10T20:51:14ZMinnesota’s net general fund receipts totaled $3.938 billion during the months of November and December 2017, or $219 million (5.9 percent) more than projected in the November 2017 Budget and Economic Forecast. 1059Minnesota’s net general fund receipts totaled $3.938 billion during the months of November and December 2017, or $219 million (5.9 percent) more than projected in the November 2017 Budget and Economic Forecast. Receipts for the individual income tax, corporate tax, and other revenues were higher than expected for the quarter, while net sales tax receipts nearly matched the forecast. Net individual income tax receipts during the last two months of 2017 were $143 million (8.0 percent) more than forecast. Higher than expected gross tax receipts offset income tax refunds that were larger than forecast. (See page 3 for details.) <a href="https://mn.gov/mmb/forecast/update/">Read more about the December 2017 Revenue Review</a>3233962018-01-10T21:08:14ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Minnesota Named Best-Run State in the Nation in New Study440 - Minnesota Names Best-Run State<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-320188" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-12-11T22:26:58ZST. PAUL, MN – Minnesota is the best-run state in the nation, according to a new study from USA Today that cites Minnesota’s strong fiscal management, low unemployment and poverty rates, above-average median household income, and the state’s nearly perfect credit rating. Since ranking tenth in 2012, Minnesota has consistently climbed in the rankings under the same study, including ranking second last year. 1059ST. PAUL, MN – Minnesota is the best-run state in the nation, according to a <a href="https://www.usatoday.com/story/money/2017/12/07/best-and-worst-run-states-america-which-one-top-rated/926586001/" target="_blank">new study from USA Today</a> that cites Minnesota’s strong fiscal management, low unemployment and poverty rates, above-average median household income, and the state’s nearly perfect credit rating. Since ranking tenth in 2012, Minnesota has consistently climbed in the rankings under the same study, including ranking second last year. <a href="https://mn.gov/governor/newsroom/#/detail/appId/1/id/320155" target="_blank" class="button-brand-secondary">Read the press release </a> <a href="https://mn.gov/mmb/forecast/update/" />3201882017-12-11T22:29:16ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374November 2017 Revenue Review 430 FORECAST - Revenue Update - November<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-320163" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-12-11T19:09:09ZNet general fund revenues totaled $1.578 billion in November, $23 million (1.5 percent) more than forecast. 1059Net general fund revenues totaled $1.57 8 billion in November, $23 million (1.5 percent) more than forecast. Net individual income, corporate, and other revenues were higher than forecast, offsetting lower than expected sales tax receipts. For fiscal year 2018, year to date receipts are now $7.836 billion. Because forecast receipts are now updated to reflect the November 2017 Budget and Economic Forecast, the fiscal year-to-date variance is the same as the monthly variance, $23 million above the forecast. <a href="https://mn.gov/mmb/forecast/update/"> </a> <a href="https://mn.gov/mmb/forecast/update/">Read more about the November 2017 Revenue Review </a> <a href="https://mn.gov/mmb/forecast/update/" />3201632017-12-11T19:09:19ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374State of Minnesota Announces Advantage Value for Diabetes Pilot Program420 Advantage Value for Diabetes<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-319994" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-12-07T16:17:03ZSt. Paul— The State of Minnesota announces a new pilot program in 2018 for employees and their families with diabetes covered under state insurance.1059For Immediate Release December 7, 2017 St. Paul— The State of Minnesota announces a new pilot program in 2018 for employees and their families with diabetes covered under state insurance. The program, Advantage Value for Diabetes, is run by Minnesota's State Employee Group Insurance Program (SEGIP), and is built on a value-based insurance design. Minnesota is one of the first states to adopt a value-based design in its state employee insurance benefits. “The State of Minnesota cares about the health and well-being of our employees and their families,” Minnesota Management and Budget Commissioner Myron Frans said. “This pilot programs allows us to support those who are living with diabetes, ensuring they have access to important medical services and prescription drugs when they need it.” Value-based insurance design reduces member out-of-pocket costs for high-value clinical services, such as physician office visits and routine lab tests. This helps reduce the progression of a chronic condition and the risk of complications. The lower cost helps encourage greater use of such services. Developed by SEGIP staff with the partnership of the state's participating labor unions, the pilot program will initially focus on diabetes, which affects thousands of Minnesota state employees. Diabetes can have complications that are painful and debilitating to the member and costly to the health plan. Fortunately, quality of life can be maintained through effective management of the condition, including timely care, behavioral changes, and adherence to medication. With Advantage Value for Diabetes, cost-sharing is lowered for high-value health care services, prescription drugs, and diabetic supplies. Members selecting the most cost-efficient primary care clinics in SEGIP’s tiered provider network will pay nothing out-of-pocket for eligible medical services. “The benefit of this program is that it reduces the key barriers of copays and deductibles to services that have been shown to be effective in treating a serious chronic condition,” said Minnesota Health Commissioner Dr. Ed Ehlinger. “We should eliminate as many barriers as possible for services essential for people to be healthy.” Advantage Value for Diabetes also recognizes the connection between diabetes and other chronic conditions. Eligible members will receive discounts on medication for high blood pressure, high cholesterol, and depression, in addition to diabetes medication, as effective management of one condition can be helpful with the management of another. "Advantage Value will help the state get better value in our health care spending by encouraging our members to get the most appropriate health care for them, so for us it's a win win," said SEGIP Acting Director Galen Benshoof. SEGIP covers 128,000 state employees, retirees, and dependents. The program is administered by Minnesota Management & Budget. For more information, visit the <a href="https://mn.gov/mmb/segip/health-solutions/employees/mtm/vbid/" target="_blank">Advantage Value section of the SEGIP website</a>. ### Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:Keith.Hovis@state.mn.us" target="_blank">Keith.Hovis@state.mn.us</a>3199942017-12-07T16:25:59ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374 State of Minnesota Releases 2017 November Budget and Economic Forecast410 November Forecast News Release<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-319774" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-12-05T15:15:00ZSt. Paul—Today, Minnesota Management and Budget (MMB) released the 2017 November Budget and Economic Forecast. Projections show a deficit of $188 million for the current biennium, and a projected negative balance of $586 million for the 2020-21 biennium.1059Media Advisory: December 5, 2017 St. Paul—Today, Minnesota Management and Budget (MMB) released the 2017 November Budget and Economic Forecast. Projections show a deficit of $188 million for the current biennium, and a projected negative balance of $586 million for the 2020-21 biennium. Deficits are due to a reduced U.S. economic growth forecast and impacts of enacted legislation during the 2017 session. Unknowns in federal policy and the current economic expansion, one of the longest in U.S. history, create significant risk for this forecast. MMB Commissioner Myron Frans, State Economist Dr. Laura Kalambokidis, and State Budget Director Margaret Kelly will present the forecast at 12:15 p.m. today in room 15 of the Minnesota State Capitol. After presenting the forecast, they will be joined by Governor Mark Dayton. Note: Full forecast documents are available on <a href="https://mn.gov/mmb/forecast/forecast/">MMB's Budget and Economic Forecast page</a>. To receive this information: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Sign up for our <a href="https://public.govdelivery.com/accounts/MNMMB/subscriber/new?topic_id=MNMMB_212">email alerts</a> </li> <li>Follow us on <a href="https://twitter.com/MMBCommunicates">Twitter</a> and <a href="http://www.facebook.com/MinnesotaManagementAndBudget/">Facebook</a> </li> <li>Check our website at <a href="https://www.mn.gov/mmb/forecast/forecast/">mn.gov/mmb</a></li> </ul> ### Contact: Keith Hovis, Minnesota Management and Budget Director of Communications 651-259-3666, <a href="mailto:Keith.Hovis@state.mn.us" target="_blank">Keith.Hovis@state.mn.us</a>3197742017-12-05T17:15:15ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Commissioner Frans Statement on Legislative Coordinating Commission Resolution390 MEDIA - LLC Resolution<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-318272" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-11-16T21:27:11ZMinnesota Management and Budget Commissioner Myron Frans released a statement regarding the Minnesota Supreme Court's ruling and Legislative Coordinating Commission (LCC) resolution. 1059ST. PAUL – Today, Minnesota Management and Budget Commissioner Myron Frans released the following statement regarding the Minnesota Supreme Court's ruling and Legislative Coordinating Commission (LCC) resolution: "Today, the Minnesota Supreme Court upheld the constitutionality of Governor Dayton’s line item vetoes of the House and Senate biennial appropriations. The Court ruled that even without biennial appropriations, the House and Senate have access to at least $26 million, which is more than adequate to fund their operations and to satisfy their legal obligations until the Legislature reconvenes in February. The Senate is legally obligated to make monthly lease payments on the Minnesota Senate Building and has the necessary funds available, as determined by the Supreme Court today. Contrary to their legal obligation and the Supreme Court’s ruling, the Legislative Coordinating Commission (LCC) passed a resolution prohibiting the Senate from using LCC funds transferred today to make its monthly lease payments. One of Minnesota Management and Budget’s important roles is to protect the financial stability of our state. Consequently, MMB will make the December debt service payment on the Minnesota Senate Building Certificates of Participation from funds the Senate has paid so far this year. Making this debt service payment is important to preserve the state’s high credit ratings, and in the long term directly benefits all Minnesotans by keeping the state’s borrowing costs low. The next debt service payment is not due until June 1, 2018, which gives the Legislature plenty of time during the 2018 Legislative Session to pass a budget that includes funds to pay the Senate’s monthly lease payments." ### Contact: Keith Hovis, Minnesota Management and Budget Director of Communications 651-259-3666, <a href="mailto:keith.hovis@state.mn.us">Keith.Hovis@state.mn.us</a> <a href="https://mn.gov/mmb-stat/media/news-releases/2017/11/11-16-2017-lcc-statement.pdf">Read the Complete Media Advisory (pdf) </a>3182722017-11-16T21:40:47ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October 2017 Revenue Review 380 FORECAST - Revenue Update - October<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-317780" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-11-13T15:41:53ZNet general fund revenues totaled $1.700 billion in October 2017, $35 million (2.1 percent) more than forecast. 1059Net general fund revenues totaled $1.700 billion in October 2017, $35 million (2.1 percent) more than forecast. Higher than expected net corporate tax and other receipts offset sales tax receipts that were slightly below the forecast. Net income tax receipts matched the forecast for October. For fiscal year 2018, year to date receipts are now $6.258 billion, $31 million (0.5 percent) less than forecast.<a href="https://mn.gov/mmb/forecast/update/"> </a> <a href="https://mn.gov/mmb/forecast/update/">Read more about the October 2017 Revenue Review </a> <a href="https://mn.gov/mmb/forecast/update/" /> 3177802017-11-13T17:37:54ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>November is Veterans and Service Members Appreciation Month 370 Veterans and Service Members Appreciation Month<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-316806" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-10-30T19:18:35ZMinnesota Honors You is a statewide campaign to acknowledge, support, and extend appreciation to our veterans and service members. This November, let’s show our veterans how much they mean to us!1059Minnesota Honors You is a statewide campaign to acknowledge, support, and extend appreciation to our veterans and service members. <a href="<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-316759" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />" title="VSAM General Content" xlink:title="VSAM General Content" xmlns:xlink="http://www.w3.org/1999/xlink">This November, let’s show our veterans how much they mean to us!</a>3168062017-10-31T19:18:58ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Report Confirms Minnesota’s Preparedness to Weather a Recession350 DEBT MANAGEMENT - Moodys Stress Testing Report<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-315725" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-10-20T16:19:48ZAccording to a report from Moody’s Analytics, Minnesota’s finances are on solid foundation and capable of withstanding an economic downtown. 1059ST. PAUL – <a href="https://www.economy.com/getlocal?q=91a42834-85af-4773-b408-5da811028c00&app=eccafile">According to a report from Moody’s Analytics</a>, Minnesota’s finances are on solid foundation and capable of withstanding an economic downtown. “Stress-Testing States” is an annual report that takes a state’s current financial position and then by simulating what the impact of a recession could look like, analyzes each state’s preparedness. Minnesota is one of 16 states listed as being well prepared for a recession. “Under Governor Dayton’s leadership, Minnesota has gained a reputation for sound fiscal management, evidenced in this report,” Myron Frans, Commissioner of Minnesota Management and Budget, said. “Governor Dayton has ensured that Minnesota’s rainy day fund is able to help the state responsibly respond to a recession,” said Commissioner Frans. As the report notes, more than eight years have passed since the end of the last recession and the U.S. is currently in the third largest economic expansion in history. With every additional year of the expansion, it becomes more important for states to plan for potential downturns in the economy. In determining whether a state was prepared for a recession, Moody’s stress-test suggested that a state would need an amount equal to 12% to 16% of annual general fund revenue set aside to offset the effect of a moderate to severe recession. For their analysis of Minnesota, Moody’s used Fiscal Year 2017 and found that the combination of state’s reserves and unrestricted ending balance, $2.7 billion, is 13% of general fund revenues and would allow the state to weather a recession. “While this report affirms Minnesota’s current financial health, there are still a number of risks that could impact the state’s structural balance,” Commissioner Frans said. “From unknowns in Washington around tax and health policy to the long-term impact of the Minnesota GOP tax bill, we must continue making smart budget decisions to ensure Minnesota’s solid fiscal foundation remains intact.” This report furthers Minnesota’s reputation as a leader in structurally balanced budgeting. In September, the state’s credit ratings were reaffirmed by Fitch (AAA stable outlook), Moody’s (Aa1 stable outlook), and S&P (AA+ stable outlook). Fitch’s rating of AAA is the highest rating awarded by the agency. In their determination, Fitch noted Minnesota’s, “solid and broad-based economy, a revenue structure well designed to capture economic growth, a low liability burden, and strong control over revenues and spending that, in conjunction with a sophisticated approach to reserve funding, leaves the state exceptionally well positioned to manage throughout the economic cycle while maintaining a high level of financial flexibility.” This reaffirmation of the state’s credit ratings ensured that Minnesota received low interest rates during the 2017 bond sale. During the sale, the state sold nearly $858 million of general obligation bonds in order to fund capital investment projects in the state such as construction of higher education facilities, highway projects, and economic and redevelopment projects. The bond sale also included a refunding component that refinanced a portion of the state’s outstanding debt, saving the state $44 million over the life of the bonds. ### Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:Keith.Hovis@state.mn.us">Keith.Hovis@state.mn.us </a> <h2 xmlns="http://www.w3.org/1999/xhtml"><a href="https://mn.gov/mmb-stat/media/news-releases/2017/10/10.19.2017-moodys-stress-testing-report-release.pdf">Complete document (PDF version)</a></h2>3157252017-10-20T16:31:30ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374October 2017 Revenue and Economic Update330 FORECAST - Revenue-Update-October-2017<custom:Link urlOnly="true" type="Component" destination="tcm:1059-314503" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-10-10T20:30:14ZMinnesota’s net general fund receipts totaled $4.558 billion during the months of July through September 2017, or $66 million (1.4 percent) less than projected in the February 2017 Budget and Economic Forecast adjusted for legislative changes. Receipts for the individual income tax, sales tax, and other revenues were below the forecast for the quarter. 1059Minnesota’s net general fund receipts totaled $4.558 billion during the months of July through September 2017, or $66 million (1.4 percent) less than projected in the February 2017 Budget and Economic Forecast adjusted for legislative changes. Receipts for the individual income tax, sales tax, and other revenues were below the forecast for the quarter. Net individual income tax receipts were $42 million (1.6 percent) less than forecast for the first three months of FY 2018. Lower than expected gross tax receipts more than offset refunds that were below the forecast. (See page 4 for details.) Payments associated with tax year 2017 economic activity—income tax withholding and estimated payments—were about $61 million below the forecast. Estimated tax payments for the quarter were about 2.1 percent lower than payments during the same period one year ago. <a href="/mmb/forecast/update/index.jsp" title="Revenue & Economic Update Landing page" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="000 Revenue and Economic Update: Intro">Complete Document</a>3145032022-09-12T16:44:56ZNews Releases223491Star of the North FellowshipStar of the North FellowshipStar of the North FellowshipengEnrollment Update: Nearly 112,000 Minnesotans Have Benefited from Premium Assistance Program in 2017320 - MEDIA - Premium Assistance Program Update<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-313406" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-10-02T20:29:43ZAccording to data released by Minnesota Management and Budget (MMB), 111,923 Minnesotans have benefited to date from the state’s Premium Assistance Program for the months of January through June. 1059ST. PAUL – According to data released by Minnesota Management and Budget (MMB), 111,923 Minnesotans have benefited to date from the state’s Premium Assistance Program for the months of January through June. Insurance companies have sought reimbursement for approximately $71,081,146 for those months. According to MMB data, the average savings for a single person receiving the subsidy is $135.73 per month. The average savings for a family of four receiving the subsidy is $355.15 per month. Total Monthly Enrolled January <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Total number of Minnesotans Benefiting from Premium Assistance: 97,697</li> <li>Total Number of Policies: 64,826 </li> </ul> February <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Total number of Minnesotans Benefiting from Premium Assistance: 95,549</li> <li>Total Number of Policies: 63,842 </li> </ul> March <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Total number of Minnesotans Benefiting from Premium Assistance: 96,718</li> <li>Total Number of Policies: 64,918</li> </ul> April <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Total number of Minnesotans Benefiting from Premium Assistance: 95,698</li> <li>Total Number of Policies: 64,192 </li> </ul> May <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Total number of Minnesotans Benefiting from Premium Assistance: 94,400</li> <li>Total Number of Policies: 63,173 </li> </ul> June <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Total number of Minnesotans Benefiting from Premium Assistance: 91,733</li> <li>Total Number of Policies: 61,542 </li> </ul> * June numbers reflect current invoices submitted to Minnesota Management and Budget. Numbers may fluctuate as insurance companies submit more information to the state. In July, MMB Commissioner Myron Frans assessed the Premium Assistance Program and determined it is expected to spend less than $200 million through the end of the year to reimburse health insurance companies for providing the premium subsidy to eligible Minnesotans. An additional review of the program’s appropriation will take place as part of the November forecast, where the Commissioner is required to certify the extent to which appropriations exceed obligations for the Premium Assistance Program. The Premium Assistance Program is made possible by a $312 million dollar investment by Governor Mark Dayton and the Minnesota Legislature. That amount was determined by projections based on 2015 and 2016 insurance market enrollment. The program provides eligible policy holders with a 25 percent discount on their insurance premiums throughout 2017. The program is open to Minnesotans who are enrolled in the individual insurance market, who fulfilled their monthly premium payment, are not participants of any Minnesota public health care programs, and do not receive federal subsidies through an advance premium tax credit on their monthly bill. ### Contact: Keith Hovis, Minnesota Management and Budget Director of Communications 651-259-3666, <a href="mailto:Keith.Hovis@state.mn.us">Keith.Hovis@state.mn.us </a> <h2 xmlns="http://www.w3.org/1999/xhtml"><a href="https://mn.gov/mmb-stat/press-releases/premium-assistance-release-october-update.pdf">Read Complete News Release (PDF version)</a></h2>3134062017-10-02T20:51:39ZNews Releases223491Star of the North FellowshipStar of the North FellowshipStar of the North FellowshipengSeptember 2017 Budget Reserve Report is Now Available310 - BUDGET Reserve Report<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-313362" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-09-29T18:38:39ZMinnesota’s current budget reserve is $1.603 billion, or 3.6 percent of FY 2018-19 revenues. 1059<h2 xmlns="http://www.w3.org/1999/xhtml">Budget Reserve Report</h2> To adequately manage the underlying risks in Minnesota’s general fund tax revenue system, Minnesota Management and Budget (MMB) recommends a budget reserve target of 4.9 percent1 of the current biennium’s general fund non-dedicated revenues, or a $2.187 billion budget reserve for the 2018-19 biennium.2 Minnesota’s current budget reserve is $1.603 billion, or 3.6 percent of FY 2018-19 revenues. <a href="https://mn.gov/mmb-stat/000/az/forecast/2017/budget-reserve-report/2017-09.pdf">Click here for table data </a> The recommended reserve level is based on MMB’s assessment of volatility in Minnesota’s revenue system. We examine the variability over time of the state’s major tax bases and changes in the composition of tax revenues. The recommended reserve level assumes the budget is structurally balanced through the remainder of the biennium, and policymakers desire a 95 percent level of confidence that a biennial deficit generated by revenue volatility will not exceed the budget reserve. We have reviewed the revenue volatility model and updated it to reflect both an additional year of data and tax law changes enacted by the 2017 legislature. The result of those updates is an estimated degree of revenue system volatility that is similar to what we found last year. Consequently, we have not changed the recommended percentage of revenues from the 4.9 percent we recommended in our September 2016 report. The target is for the budget reserve account alone. Minnesota also has a cash flow account, which is intended to offset potential cash shortages caused by a mismatch between monthly revenue collections and spending. The cash flow account is currently funded at $350 million. <h2 xmlns="http://www.w3.org/1999/xhtml"><a href="/mmb/forecast/researchanalysis/index.jsp" title="000 Research & Analysis: Intro" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="000 Research & Analysis: Intro">Complete Budget Reserve Report (PDF version)</a></h2>3133622017-09-29T19:03:22ZNews Releases223491Star of the North FellowshipStar of the North FellowshipStar of the North FellowshipengMMB Commissioner Frans to Hold “My Minnesota” Tour Stops in Bemidji and Moorhead300 Tour - Commissioner Frans Bemidji-Moorhead<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-313095" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-09-28T17:49:59ZOn Wednesday, October 4, Minnesota Management and Budget Commissioner Myron Frans will be in Bemidji for the next stop on the 2017 “My Minnesota” tour. 1059ST. PAUL – On Wednesday, October 4, Minnesota Management and Budget Commissioner Myron Frans will be in Bemidji for the next stop on the 2017 “My Minnesota” tour. Commissioner Frans will then visit Moorhead on Thursday, October 5, to hold another tour stop on the Minnesota State University, Moorhead campus. The “My Minnesota” tour offers Minnesotans the opportunity to provide feedback on what new investments the state budget could be making. Commissioner Frans will also share with Minnesotans information on where their tax dollars go and how the state’s budget directly impacts their local community. Each stop on the tour will function as an informal town hall meeting with an interactive presentation from Commissioner Frans and an opportunity to Minnesotans to share their thoughts and ideas for the State of Minnesota’s budget. If you are an individual with a disability in need of require reasonable accommodations for the event, please contact Keith Hovis at keith.hovis@state.mn.us. <h2 xmlns="http://www.w3.org/1999/xhtml"><a href="https://mn.gov/mmb-stat/documents/govdelivery/2017/09/bemidji-moorhead-advisory.pdf">Complete Press Release (PDF version)</a></h2>3130952017-09-28T18:01:14ZNews Releases223491Star of the North FellowshipStar of the North FellowshipStar of the North FellowshipengState of Minnesota Sells $858 Million General Obligation Bonds290 BOND SALE - $858 Million General Obligation Bonds<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-313094" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-09-28T17:42:52ZOn Wednesday, the State of Minnesota sold nearly $858 million of general obligation bonds. 1059ST. PAUL – On Wednesday, the State of Minnesota sold nearly $858 million of general obligation bonds. The proceeds of the bonds will fund capital investment projects in the state such as construction of higher education facilities, highway projects, and economic and redevelopment projects previously authorized by the Minnesota Legislature. The bond sale also included a refunding component that refinanced a portion of the state’s outstanding debt, saving the state $44 million over the life of the bonds. <h2 xmlns="http://www.w3.org/1999/xhtml"><a href="https://mn.gov/mmb-stat/documents/govdelivery/2017/09/minnesota-sells-847-million-general-obligation-bonds.pdf">Complete News Release (PDF version)</a></h2>3130942017-09-28T18:01:14ZNews Releases223491Star of the North FellowshipStar of the North FellowshipStar of the North FellowshipengMinnesota welcomes the fourth Star of the North Fellowship cohort270 MEDIA - Star of the North - September 2017<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-311059" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-09-13T16:14:47ZWith a focus on attracting new talent to public service and expanding the State of Minnesota’s workforce, a new cohort of Star of the North fellows have joined Minnesota state government. 1059SAINT PAUL -- With a focus on attracting new talent to public service and expanding the State of Minnesota’s workforce, a new cohort of Star of the North fellows have joined Minnesota state government. From helping advance state equity efforts to strengthening state IT and public safety, these nine individuals will play an integral role in shaping public policy. “Governor Dayton and Lt. Governor Smith are committed to building a diverse and inclusive workforce that is reflective of all of the communities we serve,” said Chief Inclusion Officer James Burroughs. “These nine individuals chosen for the 2017 Star of the North fellowships are ambitious, driven, and committed to public service. We are excited about the contributions they will bring to state government and to public service that will undoubtedly benefit all Minnesotans for years to come.” The 2017-18 Star of the North Fellows are: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Brenda Rivera, Minnesota Department of Transportation, Office of Business Administration</li> <li>Jargalmaa (Joy) Erdenemandakh, Minnesota Department of Revenue, Management Analysis and Research</li> <li>Kirsten Renee Henry, Minnesota Department of Transportation, Technology Investment Management</li> <li>Lawrence Karongo, Minnesota Department of Transportation, Office of Equity and Diversity</li> <li>Leigh Benvenuti, Minnesota Office of Ombudsman for Mental Health and Developmental Disabilities, Policy Analysis of the Minnesota Olmstead Plan</li> <li>Nicholas Johnson, Minnesota IT Services, Information Technology</li> <li>Sam Olukiran, Minnesota Department of Administration, Community Services Division</li> <li>Wenchen Wang, Minnesota Department of Human Services, Background Studies and Licensing Division</li> <li>Zachary Bergan, Minnesota Department of Public Safety, Bureau of Criminal Apprehension</li> </ul> “As one of the largest employers in Minnesota, it is critical for state government to recruit bright, innovative talent into state service,” said Minnesota Management and Budget Deputy Commissioner Edwin Hudson. “The fellowship program enables us to find and prepare the future leaders of state government, people with exciting ideas who are passionate about serving their communities. Over the next year, they will make a real impact on state government.” This is the fourth cohort to be brought into state service through the Star of the North fellowship program. To be considered for a fellowship, applicants must demonstrate an interest in a career in public service and have, or be in process of obtaining, an advanced degree. Fellows are placed at an agency that best fits their education for year-long, salaried positions. The Star of the North Fellowship program is also a critical piece in the state’s effort to increase diversity and address an aging workforce. The Dayton-Smith Administration has set a goal of having people of color comprise 20% of state workers by 2019. The Star of the North program serves as a pipeline for hiring the fellows into full-time positions once the program ends. Of the 14 fellows who took part in the 2016-17 cohort, 11 were hired into permanent positions with the state, two enrolled in full time doctoral programs, and one found employment with the federal government. “The Star of the North Fellowship opened doors for me that weren’t previously open. It provided me with an opportunity to show my strengths through my placement, engage in networking with State leaders, and build relationships within the state, and true friendships within my cohort. I am grateful for the opportunity because it taught me lessons I can use throughout my career and life journey,” said Dara Johnson-Ayodele, a 2016-17 Star of the North Fellow. Johnson-Ayodele was hired to lead the state’s Health Insurance Premium Subsidy Program. The Star of the North fellows join the state as agencies say goodbye to 600 interns who served with the State of Minnesota in 2016-2017. State interns range from graduate to undergraduate to high school students. After gaining experience in the public sector and building relationships with state employees, the goal is for these individuals to call the State of Minnesota their employer of choice after graduation. For more information on future internship or fellowship opportunities with the State of Minnesota, visit the <a href="https://mn.gov/mmb/careers/">MN Careers website</a> or follow <a href="https://twitter.com/mncareers">@MNCareers on Twitter</a>. <a href="https://mn.gov/mmb-stat/media/news-releases/2017/09/9.13.2017-star-of-the-north-release.pdf">Read complete document</a>3110592017-09-13T17:14:57ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374August 2017 Revenue and Economic Update Now Available260 FORECAST - Revenue-Update-September<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-310749" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-09-11T15:55:42ZNet general fund revenues totaled $1.509 billion in August 2017, $17 million (1.1 percent) more than forecast. 1059Net general fund revenues totaled $1.509 billion in August 2017, $17 million (1.1 percent) more than forecast. Higher than expected net individual income tax receipts offset sales and corporate tax receipts that were below the forecast. For fiscal year 2018, year to date receipts are now $2.484 billion, $50 million (2.0 percent) less than forecast. All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued. Other revenues often include unallocated accounts receivable which will be added to receipts for the appropriate tax when identified. A more complete report covering July, August, and September receipts will be issued as part of Minnesota Management and Budget’s October Revenue and Economic Update. That report will also update FY 2017 revenues to reflect the official closing of the fiscal year. <a href="https://mn.gov/mmb/forecast/update/">Complete Document</a>3107492017-09-11T18:40:05ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Commissioner Frans to Hold “My Minnesota” Tour Stop in Minneapolis230 My Minnesota Tour 9-5-2017<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-309839" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-08-30T17:03:13ZST. PAUL – Next Tuesday, September 5, Commissioner Myron Frans will be at Columbia park in Minneapolis for the next stop on his My Minnesota tour. 1059ST. PAUL – On Tuesday, September 5, Commissioner Myron Frans will be at Columbia Park in Minneapolis for the next stop on his My Minnesota tour. The My Minnesota tour offers Minnesotans the opportunity to provide feedback on what new investments the state budget could be making. Commissioner Frans will also offer Minnesotans the chance to hear about where their tax dollars go and how the state’s budget directly impacts their local community. Each stop on the tour will function as an informal town hall with an interactive presentation from Commissioner Frans. Commissioner Frans will be joined by Sen. Kari Dziedzic, Sen. Carolyn Laine, Rep. Diane Loeffler, and Rep. Mary Kunesh-Podein for the event. What: "My Minnesota" Tour Who: Minnesota Management and Budget Commissioner Myron Frans Where: Columbia Park Main Picnic Shelter, 800 Columbia Parkway, Minneapolis, MN 55418 When: Tuesday, September 5, 2017 at 6:00 pm  <a href="https://mn.gov/mmb-stat/media/news-releases/my-minnesota-tour-9-5.pdf" target="_blank">Link to document </a> Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:keith.hovis@state.mn.us" target="_blank">Keith.Hovis@state.mn.us</a>3098392017-08-30T17:08:41ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374August 2017 Revenue and Economic Update220 FORECAST - Revenue-Update-August<custom:Link urlOnly="true" type="Component" destination="tcm:1059-307646" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-08-10T15:28:01ZNet general fund revenues totaled $975 million in the first month of FY 2018, $66 million (6.4 percent) less than forecast. Receipts in all major tax categories were lower than forecast. 1059Net general fund revenues totaled $975 million in the first month of FY 2017, $66 million (6.4 percent) less than forecast. Receipts in all major tax categories were lower than forecast. All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued. Other revenues often include unallocated accounts receivable which will be added to receipts for the appropriate tax when identified. A more complete report covering July, August, and September receipts will be issued as part of Minnesota Management and Budget’s October Revenue and Economic Update. That report will also update FY 2017 revenues to reflect the official closing of the fiscal year. <a href="/mmb/forecast/update/index.jsp" title="Revenue & Economic Update Landing page" xlink:title="000 Revenue and Economic Update: Intro" xmlns:xlink="http://www.w3.org/1999/xlink">Complete Document </a>3076462022-09-12T16:44:54ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Commissioner Frans to Hold “My Minnesota” Tour Stop in Woodbury021 My Minnesota Tour 8-7-2017<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-305654" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-08-07T15:12:57ZST. PAUL – Next Wednesday, August 9, Commissioner Myron Frans will be in Woodbury for the next stop on his My Minnesota tour. 1059ST. PAUL – Next Wednesday, August 9, Commissioner Myron Frans will be in Woodbury for the next stop on his My Minnesota tour. The My Minnesota tour offers Minnesotans the opportunity to provide feedback on what new investments the state could be looking at making. Commissioner Frans will also offer Minnesotans the chance to hear about where their tax dollars go and how the state’s budget directly impacts their local community. Each stop on the tour will function as an informal town hall with ice cream being served and an interactive presentation from Commissioner Frans. What: My Minnesota Tour Who: Minnesota Management and Budget Commissioner Myron Frans Where: Edgewater Park, 3100 Edgewater Drive, Woodbury, MN 55125 When: Wednesday, August 9, 2017 at 6:00 pm  <a href="https://mn.gov/mmb-stat/media/news-releases/my-minnesota-tour-8-7.pdf" target="_blank">Link to document </a> Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:keith.hovis@state.mn.us" target="_blank">Keith.Hovis@state.mn.us</a>3056542017-08-07T15:18:02ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Commissioner Frans to Launch “My Minnesota” Tour in Saint Louis Park200 My Minnesota 7-26-2017<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-304414" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-07-26T17:25:47ZST. PAUL – This Monday, Commissioner Myron Frans will launch a statewide “My Minnesota” tour offering the opportunity for Minnesotans to share ideas on what new investments the state should make. 1059ST. PAUL – This Monday, Commissioner Myron Frans will be in Saint Louis Park and is looking to hear from you! On Monday, July 31, Minnesota Management and Budget Commissioner Myron Frans will launch a statewide “My Minnesota” tour offering Minnesotans the opportunity to provide their ideas on what new investments the state should make. Commissioner Frans will also share how the state’s budget directly impacts their local community.Commissioner Frans, who will also serve ice cream to attendees, will be joined by Saint Louis Park Mayor Jake Spano, Senator Ron Latz, Representative Cheryl Youakim, Representative Peggy Flanagan, and Secretary of State Steve Simon. What: My Minnesota Tour Who: Minnesota Management and Budget Commissioner Myron Frans, Saint Louis Park Mayor Jake Spano, Senator Ron Latz, Representative Cheryl Youakim, Representative Peggy Flanagan, and Secretary of State Steve Simon Where: Oak Hill Park Main Park Shelter, 3201 Rhode Island Ave. South, St. Louis Park, MN 55426 When: Monday, July 31, 2017 from 6 to 7 p.m.  <a href="https://mn.gov/mmb-stat/documents/govdelivery/2017/07/7.24.2017-my-minnesota-tour-st-louis-park.pdf">Link to document </a> Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:keith.hovis@state.mn.us" target="_blank">Keith.Hovis@state.mn.us</a>3044142017-07-26T17:29:57ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Release</Subject><Subject>Insurance</Subject><Subject>Premiumreflief</Subject><Subject>Assistance</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374Premium Assistance Program Appropriation Update 190 Premium Assistance Release 7-17-2017<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-303314" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-07-17T16:44:58ZST. PAUL –Minnesota Management and Budget (MMB) Commissioner Myron Frans has assessed the Premium Assistance Program and determined there will be sufficient appropriated funds to continue providing the full 25% subsidy to eligible Minnesotans through the end of 2017.1059ST. PAUL –Minnesota Management and Budget (MMB) Commissioner Myron Frans has assessed the Premium Assistance Program and determined there will be sufficient appropriated funds to continue providing the full 25% subsidy to eligible Minnesotans through the end of 2017. “Our goal was to provide immediate relief to eligible Minnesotans from rising health care premiums, and to date over 105,000 people have seen this discount on their monthly invoice. I consider that a huge success,” MMB Commissioner Myron Frans said. “The Premium Assistance Program is a first of its kind effort for Minnesota: A collaboration between the state, the Governor, the Legislature, and the health plans, aimed at providing immediate relief to Minnesota families. This discount is having a real impact on people throughout the state, and we can now say that there is enough money to maintain a 25 percent subsidy for all eligible Minnesotans through the end of 2017.” According to MMB data, the average savings for a single person receiving the subsidy is $155.26 per month. The average savings for a family of four receiving the subsidy is $421.36 per month. According to the Commissioner’s assessment, the Premium Assistance Program is expected to spend less than $200 million through the end of the year to reimburse health insurance companies for providing the premium subsidy to eligible Minnesotans. MMB has currently made reimbursement payments in the amount of $54,775,026.29. An additional review of the program’s appropriation will take place as part of the November forecast, where the Commissioner is required to certify the extent to which appropriations exceed obligations for the Premium Assistance Program. The Premium Assistance Program is made possible by a $312 million dollar investment by Governor Mark Dayton and the Minnesota Legislature. That amount was determined by projections based on 2015 and 2016 insurance market enrollment. The program provides eligible policy holders with a 25 percent discount on their insurance premiums throughout 2017. The program is open to Minnesotans who are enrolled in the individual insurance market, who fulfilled their monthly premium payment, are not participants of any Minnesota public health care programs, and do not receive federal subsidies through an advance premium tax credit on their monthly bill. Contact: Keith Hovis, Minnesota Management & Budget Director of Communications 651-259-3666, <a href="mailto:keith.hovis@state.mn.us" target="_blank">Keith.Hovis@state.mn.us</a>3033142017-07-17T16:47:32ZNews Releases223491Press Releases ONLY281855<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases Page223492Minnesota Management and Budget Releases Post-Session General Fund Statements180 MMB Releases Post-Session General Fund Statements<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-302605" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-07-12T15:44:56ZAfter the conclusion of the legislative session, Minnesota Management and Budget (MMB) is releasing the official statement for the general fund. This statement is Minnesota Management and Budget's best estimate of where the state's budget stands. 1059As we do each year after the conclusion of the legislative session, Minnesota Management and Budget (MMB) is releasing the <a href="https://mn.gov/mmb-stat/000/az/forecast/2017/eos17/eos17-co-detail.pdf" xmlns="http://www.w3.org/1999/xhtml">official statement for the general fund</a>. This statement reflects (1) the actions of the 2017 Regular Legislative Session; (2) the 2017 Special Legislative Session; (3) the Governor’s vetoes; and (4) the June 26 Ramsey County Court Order providing temporary funding for the House and Senate for up to 3 months. While not an official forecast, the general fund statement is MMB’s best estimate of where the state’s budget now stands. The general fund statement is based on the February Forecast with adjustments for legislative session. Any economic changes since February – good or bad – are not incorporated into the budget estimates. MMB continues to assume that there is risk in our February Forecast numbers. The February forecast assumed economic growth from a deficit-financed tax bill at the federal level which has not yet been introduced. In addition, the <a href="https://mn.gov/mmb-stat/000/az/forecast/2017/revenue-and-economic-update-july.pdf">July Revenue and Economic Update</a>, which was released Monday, shows total revenue estimates for FY 2017 will be $104 million lower than estimated in February. Proposed changes at the federal level to the Medicaid program could also have significant negative impacts on the state’s budget. “The budget numbers released today continue to reflect a balanced budget for the State, however, there is very little room for error to maintain our current balance if there is a negative fluctuation in our economy or major cuts to federal programs,” said Myron Frans, Minnesota Management and Budget Commissioner. “For example, the current GOP healthcare proposal in the U.S. Senate cuts funding in Minnesota for Medicaid and MinnesotaCare by more than $2 billion by 2021. Our current budget balance cannot absorb cuts of that magnitude, nor the myriad of other federal program cuts proposed in Congress. “We are keeping a watchful eye on actions at the federal level and monitoring any changes to our economy as we move forward.” <h2 xmlns="http://www.w3.org/1999/xhtml">Current General Fund Balance:</h2> <ul xmlns="http://www.w3.org/1999/xhtml"> <li>The February Forecast projected a general fund balance for the FY 2018-19 biennium of $1.651 billion. After accounting for 2017 legislative activity, we are projecting a general fund balance of $163 million in FY 2018-19.</li> </ul> <ul xmlns="http://www.w3.org/1999/xhtml"> <li>The February Forecast projected a planning estimate for the FY 2020-21 biennium of $2.083 billion. The general fund planning estimate released today is $376 million in FY 2020-21.</li> </ul> <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Today’s general fund balance includes $16 million funding for the House and Senate that was ordered by the Ramsey County District Court on June 26 pending final legal resolution of the Governor’s line item vetoes. If the legislative funding is restored in full, an additional $113 million would be subtracted from the bottom line reflected in today’s general fund balance. <a href="https://mn.gov/mmb-stat/000/az/forecast/2017/eos17/eos17-fba-detail.pdf">MMB has also released an end of session general fund statement that reflects only enacted budget bills</a>. </li> </ul> <a href="https://mn.gov/mmb-stat/documents/budget/2018-19-biennial-budget-books/7.12.2017-postsession-fund-balance-release.pdf">Read the complete News Release</a>.3026052017-07-12T17:27:42ZNews Releases223491Press Releases ONLY281855<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases Page223492Administrative Procedure 15.6 Amended170 Administrative Procedure 15.6 Amendment<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-302501" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-07-11T15:44:56ZThe amendment to Administrative Procedure 15.6 affects exceptions to general requirements for transfers, demotions, and promotions. The 15-day comment period begins July 11 and runs through July 26. 1059  The amendment to Administrative Procedure 15.6 affects exceptions to general requirements for transfers, demotions, and promotions. The 15-day comment period begins July 11 and runs through July 26. <a href="https://mn.gov/mmb-stat/administrative-procedures/ap15-6-transfers-demotions-promotions-amended.pdf">Read the complete document</a>.3025012017-07-11T19:28:39ZNews Releases223491News Releases223374Monthly revenue reviewMonthly revenue reviewMonthly revenue reviewengNews Releases223374July 2017 Revenue and Economic Update160 FORECAST-Revenue-Update-July 2017<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-302265" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-07-10T21:15:41ZMinnesota’s net general fund receipts for FY 2017 are now estimated to total $20.949 billion, $104 million (0.5 percent) less than projected in the February 2017 Budget and Economic Forecast.1059 Minnesota’s net general fund receipts for FY 2017 are now estimated to total $20.949 billion, $104 million (0.5 percent) less than projected in the February 2017 Budget and Economic Forecast. Lower than expected net individual income tax receipts more than offset net sales, corporate, and other tax receipts that exceeded the forecast. General fund revenues for FY 2017 are now estimated to be 0.3 percent greater than in FY 2016. State revenues in the final quarter of FY 2017 were $127 million less than forecast. (See page 4 for details.) Net individual income tax receipts are estimated to end the year $260 million (2.3 percent) less than forecast. Gross income tax receipts were $142 million below forecast, and refunds were $118 million larger than expected. Net collections associated with tax year 2016 final returns and extensions were about $292 million below the forecast. We will not know final tax year 2016 income tax liability until extension return processing is completed at the end of 2017. However, data from the Quarterly Census on Employment and Wages (QCEW) now suggests that Minnesota wage and salary income grew about one percentage point more slowly in 2016 than we had forecast in February. That is consistent with tax year 2016 net income tax receipts coming in short of forecast. In addition, non-wage income—particularly capital gains—may have grown more slowly in 2016 than we had forecast. The Congressional Budget Office (CBO) has speculated that weak federal income tax payments for 2016 may be due in part to taxpayers shifting payments from 2016 into later years in anticipation of federal tax rate cuts. We will know more about 2016 Minnesota non-wage income when we see information from a preliminary sample of 2016 tax returns in early 2018. On net, payments generally associated with calendar year 2017 activity—income tax withholding and estimated payments—were about $32 million more than forecast. Withholding payments were above the forecast, offsetting lower than expected estimated payments. About $15 million of the positive withholding variance appears to be due to timing of withholding collections, rather than increased economic activity. Net general sales tax receipts are estimated to end FY 2017 $13 million (0.2 percent) above the forecast. Lower than expected sales tax refunds more than offset gross tax payments that were below the forecast. Net corporate receipts for FY 2017 were $59 million (5.2 percent) more than projected. As with the sales tax, lower than expected corporate refunds more than offset gross tax payments that were below the forecast. Other revenues for FY 2017 exceeded the forecast by $84 million (2.5 percent). <a href="https://mn.gov/mmb-stat/000/az/forecast/2017/revenue-and-economic-update-july.pdf" target="_blank">Complete document</a>3022652017-07-10T21:36:23ZNews Releases223491<Publisher/><Subject>News</Subject><Subject>Newsrelease</Subject><Subject>premium assistance program</Subject><Subject>health insurance</Subject><Subject>subsidy</Subject><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374More than 105,000 Minnesotans Enrolled in Premium Assistance Program015 Premium Assistance Release 6-30-2017<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-301660" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-06-29T15:28:52ZST. PAUL – According to data released by Minnesota Management and Budget (MMB), over 105,000 Minnesotans benefited from the state’s Premium Assistance Program between the months of January and April.1059ST. PAUL – According to data released by Minnesota Management and Budget (MMB), over 105,000 Minnesotans benefited from the state’s Premium Assistance Program between the months of January and April. The Premium Assistance program provides eligible policy holders with a 25 percent discount on their insurance premiums throughout 2017. The program is open to Minnesotans who are enrolled in the individual insurance market, who fulfilled their monthly premium payment, are not participants of any Minnesota public health care programs, and do not receive federal subsidies through an advance premium tax credit on their monthly bill. Premium Assistance is made possible by a $312 million dollar investment by Governor Mark Dayton and the Minnesota Legislature. Insurance companies provide eligible Minnesotans the discount on their monthly statement. Each insurance company then seeks reimbursement from the state. Initial invoices for the first months of 2017 were submitted by insurance companies to the state in June and are currently under review by MMB. Once the invoices are verified by MMB, the insurance companies will be reimbursed. Insurance companies have sought reimbursement for approximately $46,967,290 for the months of January through April. <a href="https://mn.gov/mmb-stat/health-insurance-premium-relief/6-30-2017-premium-assistance-release.pdf" target="_blank" class="button-brand-secondary">Read the complete document</a>3016602017-06-30T15:36:45ZNews Releases223491News Releases223374<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374May 2017 Revenue Review140 May 2017 Revenue Review<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-299261" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-06-12T16:00:00ZNet general fund revenues totaled $1.466 billion in May, $63 million (4.1 percent) less than forecast in the February 2017 Budget and Economic Forecast.1059Net general fund revenues totaled $1.466 billion in May, $63 million (4.1 percent) less than forecast in the February 2017 Budget and Economic Forecast. Net individual income tax receipts in May were $117 million lower than forecast, more than offsetting larger than expected net receipts from the sales tax, corporate tax, and other revenues. So far in fiscal year 2017, net individual income tax collections that are clearly connected to tax year 2016 are estimated to be $235 million below forecast. Total year to date receipts are now $18.328 billion, $126 million (0.7 percent) lower than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2017/revenue-review-06-2017.pdf" target="_blank">Complete document </a>2992612017-06-12T18:24:48ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223374April 2017 Revenue Review120 FORECAST-Monthly-Revenue-Review-2017-April<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-294055" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-05-10T14:36:40ZNet general fund revenues totaled $2.419 billion in April, $86 million (3.4 percent) less than forecast in the February 2017. 1059Net general fund revenues totaled $2.419 billion in April, $86 million (3.4 percent) less than forecast in the February 2017 Budget and Economic Forecast. Net individual income tax receipts were lower than forecast, more than offsetting larger than expected net receipts from corporate income taxes. For April, the month in which most tax year 2016 income tax payments are made, the combination of payments and refunds connected to 2016 tax returns is about $142 million below forecast. For fiscal year 2017, year to date receipts are now $16.863 billion, $62 million (0.4 percent) lower than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2017/revenue-review-04-2017.pdf" title="Monthly Revenue Review for January 2017">Complete document</a>2940552017-06-08T15:36:24ZPress Releases ONLY281855News Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Title>State Partners with LatinoLEAD for Networking Event Connecting State Leaders with Diverse Communities009 RELEASE - Latino LEAD Event<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-283507" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-03-10T22:21:18Z This week, the State of Minnesota partnered with LatinoLEAD to hold the second in a series of networking events aimed to connect state leaders with Minnesota’s diverse communities. 1059SAINT PAUL – This week, the State of Minnesota partnered with LatinoLEAD to hold the second in a series of networking events aimed to connect state leaders with Minnesota’s diverse communities. The event connected Commissioners and state leaders from twelve state agencies and the Governor’s office with members of the Latino community. The networking series is focused on providing a forum for building valuable relationships for government-community partnerships as well as increasing awareness of career opportunities within the state. “Minnesota is growing more diverse every year, and it is critical that state government employees are a reflection of the people we serve,” James Burroughs, the state chief inclusion officer said. “This networking series plays an important role in attracting new talent to the state while also providing the opportunity for stronger partnerships with our communities of color.” At the event, participants were able to connect one-on-one with state leaders, have their resumes reviewed, and hear from a panel of commissioners. State leaders who participated on Thursday are: • James Burroughs, Chief Inclusion Officer, Office of Governor Mark Dayton and Lieutenant Governor Tina Smith • Kevin Lindsey, Commissioner, Minnesota Department of Human Rights • Shawntera Hardy, Commissioner, Minnesota Department of DEED • Tom Landwehr, Commissioner, Minnesota Department of Natural Resources • Cynthia Bauerly, Commissioner, Minnesota Department of Revenue • Mary Tingerthal, Commissioner, Minnesota Housing Finance Agency • Gilbert Acevedo, Assistant Commissioner, Minnesota Department of Health • Charles Zelle, Commissioner, Minnesota Department of Transportation • Myron Frans, Commissioner, Minnesota Management and Budget • Edwin Hudson, Deputy Commissioner, Minnesota Management and Budget • Alice Roberts-Davis, Assistant Commissioner, Minnesota Department of Administration • Lisa Wojcik, Assistant Commissioner, Minnesota Department of Corrections Previously, the state partnered with the Coalition of Asian American Leaders (CAAL) for a similar event last fall. The state plans to partner with different communities and organizations for future events, which are expected to happen quarterly. Started in 2013, LatinoLEAD was created as an initiative of The Minneapolis Foundation. Luz Maria Frias, President and CEO, YWCA Minneapolis, serves as LatinoLEAD’s current Chair. The group is a cross-sector consortium of Latinos working together to advance opportunity for Minnesota’s Latino community. Members include corporate, civic, non-profit, business and academic leaders. Ms. Frias shares, “having senior leaders within state government who are members of the Latino community will accelerate efforts to address systemic barriers across the state. With over 400 talented Latino professionals interested in making an impact, we’re confident this partnership will yield impactful results.” The State of Minnesota’s networking series aims to further Governor Mark Dayton’s mission to ensure state government reflects the diverse populations Since taking office, Governor Mark Dayton has taken a number of steps to increase diversity of the state workforce. This includes: <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Establishing the Diversity and Inclusion Council. In January 2015, Governor Dayton issued Executive Order 15-02 establishing this council which studies state hiring practices and seeks to offer best practices. </li> <li>MMB created the State Office of Executive Recruiting in 2015. Since January 2015 the state hired about 170 executives and of those new hires, 51% were female, 8.2% reported having a disability, and 23.4% reported a racial/ethnic minority.</li> <li>In October 2015, the Department of Employment and Economic Development established the Office of Career and Business Opportunity. Director Karen Fancois works with communities of color to break down barriers to opportunities for workers and businesses of color within state government, both in terms of finding employment and contracting with the state.</li> <li>In April 2016 Governor Dayton created the Chief Inclusion Officer position, hiring James Burroughs to lead efforts around diversity and inclusion. James works with all state agencies to eliminate disparities, increase community engagement, and track the progress of agencies hiring, contracting, and working with communities of color.</li> <li>Also in 2016, the State of Minnesota launched an enterprise effort around recruiting, participating in three high profile events: the Minnesota State Fair MN Careers booth, the People of Color Career Fair, and the first State of Minnesota Career Fair. These events were the first time recruiters from all state agencies collaborated to showcase the state as one employer, highlighting the wide array of jobs and career paths available to Minnesotans.</li> <li>In October 2016, Governor Dayton re-launched Connect 700 and the Supported Worker programs, two state hiring initiatives aimed at removing barriers and creating opportunities for Minnesotans with disabilities. This effort supports Governor Dayton’s 2014 executive order directing state agencies to increase employment for people with disabilities to at least seven percent by August 2018. </li> <li>The Governor’s Office also authorized an Equity Audit to solicit feedback from Community Partners and other Minnesotans to help inform us on the progress of our work in Diversity & Inclusion. You can read the audit on the Governor’s website.</li> </ul> <a href="https://mn.gov/mmb-stat/press-releases/latino-lead-event-march-10-2017.pdf" title="Press Release for State LatinoLead Event">Complete Document</a>2835072017-03-10T22:35:20ZNews Releases223491Press Releases ONLY281855<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases [main page]223374February 2017 Budget and Economic Forecast008 FORECAST-February-2017<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-281988" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-02-28T15:26:13ZMinnesota’s budget and economic outlook improves, but significant risk remains. Increased forecast revenue projections are partially offset by increased spending estimates. The current biennium is now projected to end with a balance of $743 million. General fund revenue growth continues into FY 2018-19. 1059SAINT PAUL - Minnesota’s budget and economic outlook improves, but significant risk remains. Increased forecast revenue projections are partially offset by increased spending estimates. The current biennium is now projected to end with a balance of $743 million. General fund revenue growth continues into FY 2018-19. As a result, a $1.65 billion balance is projected to be available for the upcoming FY 2018-19 biennial budget. The positive budget outlook continues into the FY 2020-21 biennium, however federal policy unknowns create significant risk for this forecast. For more information on the state’s budget and economic forecasts, visit the <a href="https://mn.gov/mmb/" title="Minnesota Management and Budget">Minnesota Management and Budget website</a>. The 2017 February Budget and Economic Forecast documents will be posted online around 10:45 a.m. At 11:15 a.m., MMB Commissioner Myron Frans, State Economist Dr. Laura Kalambokidis, and State Budget Director Margaret Kelly will present the State of Minnesota February Budget and Economic Forecast this morning in room 15 at the state capitol. <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Sign up for our <a href="https://public.govdelivery.com/accounts/MNMMB/subscriber/new?topic_id=MNMMB_212" title="Sign up for email alerts">email alerts</a></li> <li>Follow us on <a href="https://twitter.com/MMBCommunicates" title="MMB on Twitter">Twitter</a> and <a href="http://www.facebook.com/MinnesotaManagementAndBudget/" title="MMB on Facebook">Facebook</a></li> <li>Check our website at <a href="https://www.mn.gov/mmb/forecast/forecast/" title="Economic Analysis on the MMB website">mn.gov/mmb</a></li> </ul>2819882017-02-28T15:34:00ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223492Commissioner Frans to Talk Legislative Session, State Budget, and Pension Reform this Saturday in Duluth 005 News Advisory - February 16, 2017<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-280780" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-02-16T17:30:23ZSAINT PAUL – This Saturday, Minnesota Management and Budget Commissioner Myron Frans will be in Duluth to talk about the legislative session, the state budget, and proposed pension reform at two town halls.1059SAINT PAUL – This Saturday, Minnesota Management and Budget Commissioner Myron Frans will be in Duluth to talk about the legislative session, the state budget, and proposed pension reform at two town halls. <a href="https://mn.gov/mmb-stat/press-releases/duluth-advisory-2-16-2017.pdf" target="_blank">Read the complete news advisory </a>2807802017-02-16T17:30:06ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223492Tracey Gibson to Lead State of Minnesota Recruiting, Retention, and Affirmative Action Efforts004 Tracy Gibson to Lead MN Recruiting<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-280773" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-02-16T16:44:56ZState of Minnesota Efforts around Diversity and Inclusion1059ST. PAUL, Minn. – With a focus on increasing opportunities for people with disabilities and others underrepresented within the State of Minnesota’s workforce, Minnesota Management and Budget (MMB) Commissioner Myron Frans announced today the hiring of Tracey Gibson, who will lead state recruiting, retention, and affirmative action efforts. “If we want state government to best serve Minnesotans, we need to make sure our employees reflect the diverse communities we serve,” Commissioner Myron Frans said. “I am thrilled to have Tracey join Minnesota Management and Budget, and know she will foster strong partnerships with communities of color and help us attract and keep the very best talent.” <a href="https://mn.gov/mmb-stat/press-releases/gibson-release-2-16-2017.pdf" target="_blank">Read the complete news release </a>2807732017-02-16T16:49:43ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases [main page]223374January 2017 Revenue ReviewFORECAST-Monthly-Revenue-Review-2017-January<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-279870" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-02-10T17:29:00ZNet general fund revenues totaled $2.185 billion in January, $61 million (2.9 percent) more than forecast. 1059Net general fund revenues totaled $2.185 billion in January, $61 million (2.9 percent) more than forecast. Net corporate receipts for the month were lower than expected, while receipts from individual, sales, and other revenues exceeded the forecast. For fiscal year 2017, year to date receipts are now $11.957 billion, $31 million (0.3 percent) more than forecast. <a href="https://mn.gov/mmb-stat/000/az/forecast/2017/revenue-review-january-2017.pdf" title="Monthly Revenue Review for January 2017">Complete document</a>2798702017-02-10T17:28:43ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223492 Minnesota: Top Five State for Data Driven Policymaking, according to PEW Charitable Trust003 January 30 Pew<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-275201" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-01-30T16:01:59ZThis week, PEW Charitable Trust released a report recognizing Minnesota as one of five states leading the nation in data driven policymaking.1059ST. PAUL – This week, PEW Charitable Trust released a report recognizing Minnesota as one of five states leading the nation in data driven policymaking. <a href="http://www.pewtrusts.org/en/research-and-analysis/analysis/2017/01/26/evidence-based-policymaking-findings-from-states" title="Pew Charitable Trust Report on Evidence-Based Policymaking">The report</a>, done in partnership with the John D. and Catherine T. MacArthur Foundation, highlights work by Minnesota’s Department of Corrections, Department of Human Services, and Minnesota Management and Budget (MMB), among others. One example is Minnesota’s innovative Results First Initiative that assess state programs, allowing policymakers to see which efforts are most effective. “When we make investments in state programs, we owe it to the people of Minnesota to assess those efforts and ensure they are working as intended,” said Minnesota Management and Budget Commissioner Myron Frans. “This is the effort taxpayers expect, and we look forward to finding new opportunities to embed evidence in our policymaking process.” The use of evidence-based practices, including program assessment, outcome monitoring, and implementation oversight, can reduce wasteful spending and expand programs that work, improving outcomes for Minnesotans. The Minnesota Results First Initiative was created through bipartisan legislation in 2015. To date, employees working on the initiative have conducted cost-benefit analysis on adult criminal justice in state corrections, and adult mental health programs in the Department of Human Services. The team leading the initiative partners with state agencies, counties, and practitioners in their work. The Results First inventory and benefit-cost analysis is available on the MMB website. The Pew-MacArthur report assessed all 50 states and the District of Columbia on whether they used the best available research to identify programs that work in four policy areas: behavioral health, child welfare, criminal justice, and juvenile justice. The report ranks each state as leading, established, modest, or trailing. Connecticut, Oregon, Utah, and Washington join Minnesota as the top five states using this approach. <a href="http://www.pewtrusts.org/%7E/media/assets/2017/01/how_states_engage_in_evidence_based_policymaking.pdf" title="How States Engage in Evidence-Based Policymaking: A national assessment">Download the full report from PEW Charitable Trusts website </a>275201NewsReleasesfrontpage2233732017-01-30T16:45:47ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases223492What's in your continuous improvement toolbox?INTERNAL-CONTROL-Bulletin-January 2017<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-274792" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-01-25T21:45:27Z The January Bulletin identifies internal control assessments as continuous improvement opportunities. 1059<span style="font-size:11.0pt;font-family:"Calibri",sans-serif; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;mso-bidi-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA">Looking for continuous improvement opportunities for 2017? <a href="/mmb/assets/17_1_26%20IC%20bulletin%20-%20MPT_tcm1059-274348.pdf" target="_blank" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="2017-PDF-ICB-January"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;mso-bidi-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA">The January Internal Control Bulletin discusses how control environment self-assessment and risk assessment, two exercises agencies complete as part their annual internal control system certification, include built-in continuous improvement opportunities.</a>274792News Releases for the Front Page2233992017-01-30T16:45:01ZNews Releases223491Press Releases ONLY281855<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases Page223492Governor Dayton’s 2017 Budget Proposal002 Governor Dayton Releases Budget<custom:Link urlOnly="true" type="Component" destination="tcm:1059-274219" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-01-24T15:16:11ZMMB Commissioner Myron Frans joined Governor Mark Dayton today as the Governor proposed an Opportunity Agenda for a Better Minnesota1059  <a href="/mmb/budget/current-budget/previous-budget-recommendations/fy-2018-2019.jsp" title="030 Intro - FY2018-19 Governor's Budget Recs - LP" target="_parent" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:title="000 FY 2018-19 Governor's Budget Recs - LP">An Opportunity Agenda for a Better Minnesota: Governor Dayton’s 2017 Budget Proposal</a> MMB Commissioner Myron Frans joined Governor Mark Dayton today as the Governor proposed an Opportunity Agenda for a Better Minnesota – a two-year budget including a set of specific solutions to our state’s challenges, and a commitment to a better future for all Minnesotans. The Dayton Opportunity Agenda will improve education from preschool to career and college training, grow our economy and create good jobs, and reform government to create better opportunities for all Minnesotans, everywhere in our state.274219NewsReleasesfrontpage2233732021-04-02T15:18:02ZNews Releases223491<Publisher/><Source/><Rights/><Identifier/><Format/><Language>eng</Language><SubjectControlled/></DublinCore></metadata><Category><Description/><Title>News Releases [main page]223374January 2017 Revenue and Economic Update001 FORECAST-Revenue-Update-2017-January<tcdl:Link urlOnly="true" type="Component" destination="tcm:1059-270776" templateURI="tcm:0-0-0" origin="tcm:0-0-0" />2017-01-10T17:20:03Z Minnesota’s net general fund receipts totaled $3.701 billion during the months of November and December 2016, or $29 million (0.8 percent) less than projected in the November 2016 Budget and Economic Forecast. 1059Minnesota’s net general fund receipts totaled $3.701 billion during the months of November and December 2016, or $29 million (0.8 percent) less than projected in the November 2016 Budget and Economic Forecast. Lower than expected individual and corporate income taxes offset sales and other tax receipts that were ahead of forecast. The negative variance for the period was primarily generated in December, as November receipts fell only slightly below forecast. <a title="January 2017 Revenue and Economic Update" href="https://mn.gov/mmb/forecast/update/">Complete document</a> <a title="May 2016 Revenue Review" href="http://mn.gov/mmb-stat/000/az/forecast/Revenue-Review-May2016.pdf" />2707762017-01-30T16:43:07Z