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State revenue forecasting: An institutional framework.(Minnesota)
The revenue forecasting environment can be as important as the projections themselves, since credibility ultimately influences utility. The independence and transparency that characterize Minnesota's forecasting framework help keep the state's budget process on track.
All revenue forecasters know a sad truth: the only thing certain about their forecasts is that they will be wrong. Whether measured individually or as a whole, state revenue forecasts are never accurate. Individuals who are unable to work in an environment in which they will never be right, and where changes to their projections are broadcast widely, quickly find other forms of employment. Those who ...
- State Budget Problems Grow for Minnesota.
- Newspaper article from: Knight Ridder/Tribune Business News December 6, 2001 700+ words
...many legislators thought Tuesday when the Finance Department released its revenue forecast, and the deficit the state faces is not...said he, like Bishop, had thought the Finance Department's estimate of the long-term revenue shortfall...
- Minnesota Legislators Approach End of Session, Face Deficit Next Year.
- Newspaper article from: Knight Ridder/Tribune Business News May 12, 2002 700+ words
...estimate stems from the Finance Department's February revenue forecast projecting a $3.2...could increase. The Finance Department's computation also...the law barring the Finance Department from including that...
- Minnesota Senate's Plan Offers Temporary Budget Fix.
- Newspaper article from: Saint Paul Pioneer Press (St. Paul, Minnesota) (via Knight-Ridder/Tribune Business News) March 9, 2002 700+ words
...enacted, the Senate bill would fill the entire deficit predicted for the current budget cycle in the Finance Department's latest revenue forecast. But projected spending would still exceed projected tax receipts by about $700 million a year...
- Minnesota Sees $935 Million Shortfall in Budget Forecast.
- Magazine article from: The Bond Buyer Shields, Yvette February 29, 2008 700+ words
CHICAGO -- Minnesota's Finance Department unveiled a new revenue forecast yesterday that blames the national economic slump for a $935 million hole in the state's current budget, more than double the...
- Minnesota Lawmakers Continue to Battle over State Budget.
- Newspaper article from: Saint Paul Pioneer Press (St. Paul, Minnesota) (via Knight-Ridder/Tribune Business News) February 8, 2002 700+ words
...on Monday. Then Senate leaders plan to enact a second round of budget cuts in March after the Finance Department issues an updated revenue forecast. That second round of budget cuts -- now estimated at more than $500 million in permanent...
- Minnesota Budget Cuts Begin Today.
- Newspaper article from: Knight Ridder/Tribune Business News January 29, 2002 700+ words
...2 billion a year, as Ventura has requested. The leaders said they would wait until the state Finance Department issues a new revenue forecast in late February to see if the economic outlook improves. Then they will decide how much, if...
- Minnesota Senate Passes Plan to Reduce State Budget Deficit.
- Newspaper article from: Saint Paul Pioneer Press (St. Paul, Minnesota) (via Knight-Ridder/Tribune Business News) February 12, 2002 700+ words
...in the Senate's budget fix. He said the Senate will make a second round of cuts after the Finance Department issues a revised revenue forecast late this month. The Senate vote was 35-31. All the Republicans voted against it; all but...
- REVENUE FORECAST A BOON FOR STATE BUDGET IMPROVED ECONOMY MEANS CUTS WON'T HAVE...
- Newspaper article from: Seattle Post-Intelligencer (Seattle, WA) Mcgann, Chris March 18, 2005 700+ words
...739 million boost to the state's revenue forecast yesterday was double what had been...But make no mistake, the new revenue forecast is not a silver bullet solution to...improved economy and corresponding revenue forecast was a direct result of budgetary belt...
Source: HighBeam Research, State revenue forecasting: An institutional framework.(Minnesota)