December 05, 2017 02:09 PM
ST. PAUL, Minn. (AP) - Gov. Mark Dayton says a projected budget shortfall will require some "modest corrections" to the Legislature's budget passed earlier this year.
An economic forecast released Tuesday shows a $188 million shortfall at the end of the current two-year budget cycle. But that sum could change drastically with a tax bill and other measures winding through Congress.
The Democratic governor says he won't make any budgetary plans until an updated economic outlook is released in March. But Dayton said Tuesday he'd rather rework pieces of the state's new $46 billion budget rather than plug a funding gap with Minnesota's rainy day fund.
Lawmakers return to the Capitol on Feb. 20.
Minnesota Management and Budget Commissioner Myron Frans cautioned lawmakers against tapping a $1.6 billion budgetary reserve to solve a budget shortfall.
The deficit comes after a string of budget surpluses in recent years and more than $650 million in tax breaks passed by the Republican-led Legislature earlier this year.
Updated: December 05, 2017 02:09 PM
Created: December 05, 2017 10:00 AM
Copyright 2017 The Associated Press. All rights reserved.