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High Level
While these are just targets and we do not yet have any details about what will go into these bills, these targets are much more specific than you typically see from legislative leaders. Usually targets from leaders are relatively round, to the nearest million, not down to the thousand. That indicates that many of these bills have a spending framework already reached at the leader level, with chairs just filling out policy items.
That makes it more likely that bills can pass by midnight if there’s less for chairs to negotiate, but also makes it more difficult to impact changes if a lot of these bills already have spreadsheets that are largely agreed to.
The overall general fund impact is a one time increase in spending or reduction of revenue of $659 million in FY 26-27 and a savings of $294 million in FY 28-29. The agreement leaves a positive balance of $11 million in FY 28-29, or a little over $2 billion if discretionary inflation is not factored in.
MICA Priorities
SNAP and MAAFPCWDA
Bonding bill
- One time increase to the homestead credit refund that will go out this fall
- One time reduction to tab fees paid out of the general fund
- $205 million in one time funding for Hennepin County Medical Center
- $500 million from the budget reserve to fund a “hospital reserve account”
