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Yesterday, Gov. Dayton unveiled his budget recommendations for the state's FY 2014-2015 biennium.
(Published Jan 23, 2013)
Under state law, the governor must prepare and submit recommendations to the Legislature for the state's biennial budget by the fourth Tuesday in January. At an 11 a.m. press conference, the governor fulfilled that responsibility before a packed room of reporters and lobbyists. Legislative leadership had been briefed earlier in the day.
The budget recommendations must address the projected state budget deficit of $1.09 billion, based on the December state budget forecast. In total, the recommendations include $37.920 billion in state revenue collections and $37.982 billion in expenditures, which would leave the state with a budgetary balance after the state's reserves are fully funded of roughly $6 million Within the governors’ general fund recommendations, he is proposing net new state tax and non-tax revenues of roughly $2.127 billion and net new expenditures of $1.031 billion.
The League staff are currently reviewing the budget recommendations and will be highlighting budget initiatives of interest to city officials in the coming days. In addition, the League will be conducting a webinar on Feb. 1 to provide city officials with a more thorough review of the budget recommendations.
The governor’s budget and tax reform recommendations will now be drafted into legislation and submitted to the Legislature for consideration. Although overview hearings will begin yet this week, legislators will be waiting on the next full state budget forecast that will be released on Feb. 28. That forecast will provide lawmakers with the latest projections on state revenues and expenditures for the balance of the current biennium as well as the upcoming fiscal year 2014-2015 biennium.
Questions? Contact Gary N. Carlson at (651) 281-1255 or email@example.com
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