Huzzah, cries the boiling frog! The March revenue forecast is out and Minnesota's projected deficit is "only" $4.57 billion, MPR's Tim Pugmire reports. The gap would've been $6.4 billion without federal stimulus bucks. The net deficit is close to November's $4.8 billion stim-free figure, which means it's still a crisis. And remember, the new figure doesn't include inflation on the spending side!

Related: Using the slightly higher November numbers, Smart Politics' Eric Ostermeier says Minnesota's deficit is the eighth-highest per capita in the nation. He also notes Democrats control a vast majority of the chambers in high-deficit states; he doesn't note gubernatorial affiliation, though I'd point out three of the top four, and four of the top eight are members of the GOP. MPR's Bob Collins looks at how "budget turnaround" rhetoric can turn on the utterer.

Aw geez — do we really need another state-subsidized ice sheet in St. Paul? The Strib's Chris Havens says St. Paul wants to build an ice arena across from Xcel — if the state forgives $33 million of the X's loan. As a Minneapolis taxpayer paying for Target Center (whose finances were undermined when the state lavished cash on the hockey palace), I say no way. The 4,000-seat, $40 million building would be a Wild practice rink. Let the profitable, publicly subsidized hockey team pay for it. There'd be room for restaurants, like St. Paul needs more space for those.

They're not exactly Phil Krinkies, but it turns out St. Paul City Council members could block light rail Wednesday, the PiPress' Dave Orrick reports. Council Member Dave Thune is mad about a proposed Lowertown train shed — "It wipes out our last chance to redevelop a prime location across from art galleries and coffee shops and lofts" — while colleague Russ Stark wonders where University Ave. beautification went. The rest of the council is unheard from; how real is this obstacle?

TCF's Bill Cooper is loudly returning the feds' TARP money, the PiPress' Nicole Garrison-Sprenger notes. Cooper doesn't like "Congress' decision to place restrictions on dividends, employee bonuses and executive compensation." Fair enough. But here's an unanswered question: Exactly how long will it take to pay the $361 million back? Talking Points Memo's Josh Marshall writes that "many TARPers are getting headlines on the cheap," when it turns out they'll take years to return the cash.

Although I'm endlessly frustrated with how strong opinions are soft-pedaled in the Strib, the editorial page basically comes out for Supreme Court Chief Justice Eric Magnuson and against Gov. Pawlenty on courts funding. So what's the headline? "Justice at stake in state's budgeting: Pawlenty, Magnuson face off in a critical budget battle." Zzzzzzz ... There is a good analysis of Pawlenty's technology dodge.

Election contest minute: Norm Coleman's forces want a "do-over" election, the Strib's Pat Doyle and Kevin Duchschere write. Their concept? That so many illegal votes have been counted it's impossible to tell who got the most "legally cast" votes, which is what the statute requires. MinnPost's Eric Black takes a good hard luck at how a re-do would go down here. Minnesota Independent's Chris Steller has documentation here.

Cities facing tough budget choices want to keep their information secret until formal proposals are made, the PiPress' Dave Orrick reports. Apparently the secrecy would give officials freedom to debate tough cuts without the world exploding. Tough noogies, data-practices advocates say — your convenience doesn't trump our right to know. St. Paul Mayor Chris Coleman supports the move, which a city-based legislator, Mee Moua, introduced.

A state administrative law judge has approved routing of three high-voltage power lines through the state, the PiPress' Leslie Brooks Suzukamo writes. The 345-kilovolt lines run down from Fargo to Monticello and across the southern third of the state. The judge rejected requests to sequester part of the lines for renewable wind power, but there will be gust juice on the line, utilities say. The Public Utilities Commission makes the final determination.

Amid the economic downturn, the state's new habitat/arts fund could reap about a third less than expected, the Strib's Mike Kaszuba and Jake Grovum report. It looks like the Legislature could ignore some citizens council recommendations. Not surprisingly, the money has become a honeypot for programs skunked elsewhere, even those with questionable ties, such as the zoo.

The good news? Minnesota has a higher percentage of women on corporate boards than anywhere but New York and Chicago. The bad news? Women only hold 14 percent of board seats on the state's 100 largest private companies, the PiPress' Garrison-Sprenger reports. Twenty-eight of the companies have no women on their boards. The Strib's Neal St. Anthony provides some good backstories.

The PiPress' Chris Hewitt talks to U physics prof Jim Kakalios, who advised the makers of the new "Watchmen" movie. The movie's superhero protagonist is a physicist, and thanks to the uncredited Kakalios, the character's blackboard has a real equation plus a note to pick up his kids from swimming.