State Revenue Decline will Impact 2012 Legislative Session

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It is never too early to start thinking about next year. While the 2012 Legislative Session begins on January 24, 2012, the Dayton Administration will start preparing for its supplemental budget very soon.

The 2012 Legislative Session will focus on a supplemental budget to adjust the 2012-2013 biennial budget just passed in the July 21st special session. MMB recently released its summary of the 2012-2013 biennial budget (see attached) which will be in place until June 30, 2013. The supplemental budget will make modifications to the current budget. The extent of these adjustments will depend on whether Minnesota has a deficit or a surplus which will be defined in the upcoming revenue forecast issued at the end of November by Minnesota Management and Budget (MMB).

Please see full article below for more information.

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Published In: Elections & Politics Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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