Rep. Lyndon Carlson
Minnesota House of Representatives
District 45A | (651) 296-4255 | email@example.com
479 State Office Building, St. Paul, MN 55155
FOR IMMEDIATE RELEASE
CONTACT: Thomas Olsen
April 13, 2020
Minnesota House Ways and Means Committee Holds Remote Hearing
St. Paul, MN – Today, the House Ways and Means Committee held a remote hearing where members were given a presentation by MMB Commissioner Myron Frans and State Economist Dr. Laura Kalambokidis regarding the quarterly economic outlook, and an update on COVID-19 related federal funding.
“Minnesota is going through unprecedented economic times. It is critical that we work early and often to balance the budget before the end of the fiscal year,” said Rep. Lyndon Carlson (DFL – Crystal), chair of the House Ways and Means Committee. “It is too early to say just how much COVID-19 will cost Minnesota, both in loss of revenue and increased spending to manage the virus. Regardless of the final budget forecast, House Ways and Means will fulfill its constitutional duty to balance the budget.”
The committee heard the United States economy is likely to go through a significant GDP contraction in 2020. There are too many unknown factors to give a definite forecast of Minnesota’s future financial outlook. The MMB will work towards a more accurate budget forecast to be presented in early May. Commissioner Frans stated that currently, it is unclear if the presumed future budget deficit will go beyond the State’s financial reserves, and thus require a special session to balance the budget.