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Budget & Economic Forecast

Budget & Economic Forecast. November 2013. MINNESOTA MANAGEMENT & BUDGET mmb.state.mn.us. December 5, 2013. $825 Million Budget Balance Projected for FY 2014-15. U.S Economic Outlook is Slightly Weaker. Source: Global Insight ( GI ). Minnesota’s Economy Remains Strong.

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Budget & Economic Forecast

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  1. Budget & Economic Forecast November 2013 MINNESOTA MANAGEMENT & BUDGET mmb.state.mn.us December 5, 2013

  2. $825 Million Budget Balance Projected for FY 2014-15

  3. U.S Economic Outlook is Slightly Weaker Source:Global Insight (GI)

  4. Minnesota’s Economy Remains Strong

  5. Significant Gain in Forecast Revenues

  6. Revenue Forecast Uncertainties • Federal policy issues • Early 2014 fiscal policy deadlines • Federal reserve actions • Continuing economic recovery • Manufacturing • Construction • Income shifting in response to federal taxes • More revenue from less predictable sources • Non-wage income • Corporate profits

  7. Little Change in Spending After Forecast Buybacks

  8. Positive Forecasts Have Restored Reserves and Repaid Accounting Shifts

  9. FY 2016-17 Planning Estimates Improve * Spending not adjusted for general inflation – adjusting for inflation would increase spending by $384 million in 2016 and $790 million in 2017

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