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ABOUT USThe Minnesota Budget Project is an initiative of the Minnesota Council of Nonprofits.
The Advocate's Fiscal ToolboxGet the printer-friendly PDF version of this document. State Budget & Economic ConditionsForecasts and Economic Updates The Minnesota Office of Management & Budget prepares forecasts of state revenues and expenditures in November and February each year. Forecast information is used by policymakers to ensure that enacted budgets remain on track and in balance, and to plan for future budgets. The Office of Management & Budget also prepares quarterly Economic Updates in January, April, July, and October each year. These updates are not formal forecasts but report on year-to-date revenue collections compared to previous forecasts, and make note of any significant economic or revenue developments that have occurred since the last formal forecast. Governor’s Budget Each odd-numbered legislative session, the Governor proposes the Operating Budget, often called the Biennial Budget, for the state of Minnesota. This budget is for a two-year period. This budget includes expenditures for education, roads and bridges, technology, health care, public safety, housing, natural resources, agriculture, economic development, and higher education, as well as funding for state agencies and local units of government. In the even-numbered session, the Governor may propose changes to the operating budget already in progress in a proposed Supplemental Budget. The above documents describe the budget as proposed by the Governor. They are not updated to reflect how the budget is actually passed by the legislature. For the results of legislative budget decisions, see House Fiscal Analysis’s Summary of the Fiscal Actions of the Legislature. Capital Budget (Governor’s bonding proposal) Capital budgets finance land acquisition, repair, renovation, and construction of state facilities and capital assets through the issuance of state general obligation bonds. Capital budgets are normally passed during even-numbered legislative sessions. Again, House Fiscal Analysis prepares a helpful overview of what capital budget items actually passed in their Summary of the Capital Budget. TaxesThe Minnesota Department of Revenue prepares three very helpful research publications, which are described below. Tax Incidence Study The Tax Incidence Study answers the question “Who pays Minnesota’s taxes?” It reports detailed information on the household characteristics and taxes paid by Minnesotans, and is updated every two years. Tax Expenditure Budget The Tax Expenditure Budget outlines tax provisions that provide preferential treatment for certain persons, types of incomes, transactions, or property and that result in reduced tax revenue. Minnesota Tax Handbook The Minnesota Tax Handbook contains a summary of the state and local tax system in Minnesota. It contains a profile of each state tax including tax base, rates, collection amounts, and legislative history. The second section profiles each local tax in a similar manner. The last section contains summary tables of state and local tax collections. Legislative ToolsTracking Sheets Each legislative session, House Fiscal Analysis creates tracking sheets that record executive and legislative budget decisions. Tracking sheets are available for each finance committee. Fiscal Notes A fiscal note estimates the financial impact of proposed legislation. The Office of Management & Budget maintains and oversees the fiscal note system. Fiscal notes are prepared with input from state agency staff. Fiscal notes for tax bills (also called Revenue Analyses) are prepared by the Department of Revenue. Web SitesMinnesota Budget Project Updated June 2009 |
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