So, elected officials of Minnesota, you’ve got come up with $5.2 billion in additional revenue and/or cuts to balance the state’s budget. Where do you start?
Oh, and by the way, your 10 percent down payment on that deficit is due in June, by way of a $436 million shortfall in the current budget session.
If you’re a budget nut, here’s the PDF of the November financial report.
Inside the report, you’ll find this nugget:
Spending projections for FY 2010-11 and FY 2012-13 do not include estimated inflation.
Inflation, based on the CPI, is forecast to be 0.2 and 3.1 percent for FY 2010 and FY
2011 respectively. At these levels, the cost of inflation would be $650 million in the next
Inflation aside, the deficit works out to approximately $1,014 for every Minnesotan (based on 2007 population estimates) and $2,063 for every Minnesota taxpayer.
How do you plan to contribute? Higher health care costs? Higher local property taxes? Denser classrooms?
1:33 p.m.: It seems as though Californians and their $11.2 billion budget deficit have it easy. The Sacramento Bee says every adult in the Golden State needs to pony up $429 to cover the state’s shortcomings.
Trivia: Total box office gross of movies in which California Gov. Arnold Schwarzenegger appears: $1,621,940,362
Minnesota Gov. Tim Pawlenty: Negligible
1:55 p.m.: The newsroom passes along this press release from the National Conference of State Legislatures.
States, which already have closed $40 billion in fiscal year (FY) 2009 budget gaps, face at least an additional $97 billion they must close over the next 18 to 24 months, according to a national report issued today by the National Conference of State Legislatures.
Fifteen states are forecasting double-digit gaps in FY 2010. The largest are in Arizona (24.2 percent), New York (20 percent), California (18 percent), Wisconsin (17.2 percent), Minnesota (14.7) and Kansas (14.5 percent).
2:10 p.m.: Pawlenty’s plan is starting to take shape. Here’s what won’t be happening, according to the governor.
- – New taxes
- – A stadium for the Vikings
- – Raising revenue with gambling money
- – Using money from the voter-approved outdoors/arts sales tax amendment to help fill the gap
3:02 p.m.: Gov. Pawlenty is apparently Twittering the budget crisis.