~ Governor Pawlenty statement regarding the February 2007 economic forecast ~
The following is a statement from Governor Tim Pawlenty regarding the Minnesota Department of Finance February 2007 economic forecast. The revised forecast shows very little change from the November 2006 forecast.
The combined forecast positive balance for the current budget period and for FY 2008-09 is now $2.163 billion, $7 million less than forecast in November. $7 million represents only a 0.02% change in the Governor’s proposed $34.5 billion FY 2008-09 budget.
“The work we have done to hold government accountable, set priorities and spend smarter continues to pay off. This forecast is just about as close to a bulls-eye as you could get.
“Looking ahead, Minnesota needs to be fiscally responsible. The long-term outlook has tightened up, so we need to resist irresponsible levels of spending.”
Summary of some key February Forecast figures:
| November 2006 Forecast |
February 2007 Forecast |
| FY 2006-07 surplus $1.038 billion |
FY 2006-07 surplus $1.013 billion |
| FY 2008-09 surplus $1.132 billion |
FY 2008-09 surplus $1.150 billion |
| TOTAL: $2.170 billion |
TOTAL: $2.163 billion |
| Changes in FY 2006-07 |
Changes in FY 2008-09 |
| Revenues down $34 billion |
Revenue up $160 million |
| Spending down $9 million |
Spending up $142 million |
| Results in $25 million reduction from November forecast |
Results in $18 million gain from November forecast |
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