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MMB's debt-capacity forecast: Minnesota remains within guidelines but authorized unsold debt constrains flexibility
Summary
Minnesota Management and Budget told the Capital Investment Committee that the state meets its debt guidelines: roughly 1.9% of personal income in outstanding debt and about 3.6% when including authorized but unsold debt. MMB highlighted $8.4 billion in outstanding debt and about $2.5 billion previously authorized but unissued.
Minnesota Management and Budget briefed the House Capital Investment Committee on March 18 about the state's February debt-capacity forecast and how current authorizations constrain future borrowing under long-standing capital guidelines.
Assistant Commissioner Jen Hassimer said the state's capital investment guidelines measure net tax-supported debt against personal income and require minimum paydown schedules for general obligation debt. Under Guideline 1 (outstanding debt compared with state personal income), MMB reported total outstanding debt near 1.9% of personal income. Under Guideline 2 (total authorized debt, sold and unsold, compared with…
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