In what is becoming a routine state Capitol event, state finance officials this morning will announce another shortfall in the budget.
This time around, the shortfall will be about $1.2 billion for the current 2010-11 biennium. The problem: A still-lagging economy is producing revenues that are falling even farther behind projections of just six months ago.
As has become routine, the 11 a.m. announcement of finance officials will be followed by a news conference with Gov. Tim Pawlenty, who is expected to say that he hopes to work with legislators to find a way to bring the budget into balance — without raising taxes.
And has become routine, DFL-legislative leaders will follow the governor’s meeting with reporters with one of their own. They, too, are expected to say that they hope to work with the governor in solving this problem but almost certainly will say that new revenues — tax increases — are needed to bring the budget into balance.
By the way, the next forecast will come in six months.
Check back later today for further MinnPost coverage and analysis.
Doug Grow writes about public affairs, state politics and other topics. He can be reached at dgrow [at] minnpost [dot] com.