Minnesota state budget (2008-2009): Difference between revisions
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Latest revision as of 18:31, 8 May 2023
| Note: This article was last updated in 2009. Click here for more recent information on state budgets and finances. |
Minnesota faced a $4.6 billion projected budget deficit for 2010-2011.[1]
Minnesota faced a deficit for fiscal years 2008-2009; however, the deficit was eliminated by withdrawing the remaining $155 million from the budget reserve and un-allotting $271 million. The state was expected to end the fiscal year with a balance of $236 million and a $350 million cash flow account.[2]
Budget background
- See also: Minnesota state budget and finances
Minnesota operates on a biennium, covering two fiscal years at a time. A fiscal year begins on July 1 and ends on June 30 of the following year; however, the biennium begins July 1 of odd-numbered years. The process of creating a new state budget begins in even-numbered years. All state agencies submit budget requests for the next biennium along with actual expenditures and receipts for the two most recent fiscal years. The governor then submits a three-part budget to the legislature. Part one is a budget message, part two a detailed operating budget, and part three a capital expenditures budget. Parts one and two are presented to the legislature in January or February of odd-numbered years and part three is presented to the legislature in January of even-numbered years. Both the House and the Senate examine, modify, and enact the final budget.[3][4]
Budget figures
The following table provides a history of Minnesota's expenditures and gross domestic product (GDP).
| Fiscal year | Expenditures (billions) | GDP (billions) |
|---|---|---|
| 2000 | $35.4[5] | $185.1[5] |
| 2001 | $38.0[5] | $190.2[5] |
| 2002 | $40.5[5] | $198.6[5] |
| 2003 | $41.3[5] | $208.2[5] |
| 2004 | $42.1[5] | $223.5[5] |
| 2005 | $42.9[5] | $232.0[5] |
| 2006 | $44.8[5] | $242.1[5] |
| 2007 | $46.7[5] | $255.0[5] |
| 2008 | $48.7[5] | $268.5[5] |
| 2009 | $50.8*[5] | $282.8*[5] |
- NOTE: The figures for FY 2009 had not been finalized at the time this data was compiled.
Minnesota Consolidated Budget in billions (after governor's executive actions, June 2009):[6]
| Year | 2007 actual | 2008 actual | 2009 w/7-09 ex. act. | 2010 w/7-09 ex. act. | 2011 w/7-09 ex. act. | 2012 pln. est. | 2013 pln. est. |
| Revenue | $29.7 | $31.3 | $33.3 | $32.7 | $32.4 | $30.8 | $29.0 |
| Total exp. and trans. | $25.2 | $26.9 | $30.6 | $30.2 | $29.8 | $31.2 | $30.2 |
| Annual balance | $4.5 | $4.4 | $2.7 | $2.5 | $2.6 | -$0.3 | -$1.2 |
| Carried forward deficit | -$2.7 | -$2.9 | -$2.0 | -$2.0 | -$2.0 | -$2.1 | -$2.3 |
| Budgetary balance | $1.8 | $1.5 | $0.7 | $0.5 | $0.6 | -$2.4 | -$3.5 |
See also
Footnotes
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedRevenue - ↑ Minnesota Management and Budget, "February 2009 highlights," accessed March 18,2009
- ↑ Minnesota Legislative Reference Library, "Resources on Minnesota Issues State Budget," December 2008
- ↑ Minnesota Management and Budget, "2010-11 Governor's Budget Instructions & Forms," accessed March 18,2009
- ↑ 5.00 5.01 5.02 5.03 5.04 5.05 5.06 5.07 5.08 5.09 5.10 5.11 5.12 5.13 5.14 5.15 5.16 5.17 5.18 5.19 US Government Spending, "Minnesota State and Local spending," accessed March 17,2009
- ↑ Minnesota Management and Budget, "Consolidated Fund Statement: End of 2009 Legislative Session, Includes July 2009 Executive Actions ," July 17, 2009
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