Looking Ahead: Fiscal Reforms Left Undone

Yesterday’s Minnesota 2020 article noted the significant progress made during the 2013 legislative session in enhancing revenue adequacy, budget stability, and tax fairness in Minnesota. However, our work is not over. Several thorny problems have yet to be resolved to assure that Minnesota remains on the path toward fiscal excellence in future years. Inflation in Future State Expenditure Forecasts As the 2002 legislative session wound down, state leaders wanted to claim that they had produced a long-term structurally balanced budget, but they did not want to make the difficult decision of increasing taxes or cutting spending necessary to achieve this…