On December 1st, the Minnesota Management and Budget Department (MMB) will issue an economic forecast that will estimate the amount of revenues and expenditures for the reminder of the 2012-2013 biennium. The Governor and the Legislature will use this information, updated by another forecast in late February 2012, to develop a supplemental budget.
Negative economic news has caused most economists to reduce their forecasts significantly since mid-summer. The 2011 February Forecast used real GDP growth projections of 3.2% in 2011 and 2.9% in 2012. The revenue generated by this growth supports the spending levels in the current biennial budget.
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