Legislative Breakfast - Economic Forecasts & State Budget Constraints

The December 10 Legislative Breakfast takes a closer look at Minnesota's November Economic Forecast. Minnesota Management & Budget prepares formal forecasts of state revenues and expenditures in November and February each year as required by state law. Forecast information is used by the Governor and Legislature to ensure that enacted budgets remain on track and in balance, and to plan for future budgets. Forecast information is also used by bond rating agencies and other financial analysts to review the state's financial health, and by the media who present information on the state's financial condition to the public.

The Economic Analysis Division provides periodic forecasts of state revenues. Economic Forecasts are issued in February and November of each year and Economic Updates are issued in January, April, July and October of each year.

Our keynote speaker is Steve Sviggum, newly appointed Commissioner of Management and Budget. He sheds light on the implications for the State with the recent release of the November Forecast (December 2) and what challenges lie ahead for the Governor and Legislature.

Sviggum was born in September 1951. He received a B.A. in mathematics from St. Olaf College and later worked as both a teacher and farmer. He was first elected to the Minnesota House in 1978.

Sviggum ascended to the position of Speaker following the 1998 elections, when the Republican party took control of the House from the Democratic-Farmer-Labor party.

In the 2006 elections, Democrats regained control of the Minnesota House, so Sviggum's term as Speaker ended in January 2007. Though he won reelection to his seat, he chose not seek a leadership position in the next session.

On June 26, 2007, Governor Tim Pawlenty announced that Sviggum would succeed Scott Brenner as Minnesota Commissioner of Labor and Industry. Sviggum stepped down from his seat in the legislature and took over the position on July 17, 2007.

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News & Politics