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Ways and Means hears presentation on how forecasted inflation affects the state budget
Summary
House analysts and Minnesota Management and Budget staff briefed the Ways and Means Committee on how the state estimates discretionary inflation for the general fund, explaining the methodology, the portion of the budget affected, and numbers used in the November forecast.
The Minnesota House Ways and Means Committee spent an extended portion of its Feb. 24 meeting on how Minnesota Management and Budget (MMB) and House analysts calculate inflationary pressures on state spending and how those estimates affect the general fund outlook.
Colby Sullivan of the House Research Department, Anna Minghe (state budget director at Minnesota Management and Budget), and Emily Adriance (chief fiscal analyst for the House) explained that the forecasted inflation figure is an estimate intended to show the cost of maintaining current services when prices rise, not an automatic appropriation.
MMB applies a single inflation index—the consumer price index forecast produced by Standard & Poor’s Global Market Intelligence—to portions of the general fund that do not already have statutory inflation adjustments. Anna…
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