2021 Minnesota Legislative Update | Faegre Drinker Biddle &

2021 Minnesota Legislative Update | Faegre Drinker Biddle & Reath LLP


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In late February 2021, Governor Tim Walz and Minnesota Management and Budget officials released Minnesota’s February Economic and Budget Forecast. The budget forecast revealed a $1.571 billion surplus for the Fiscal Year 2022-23 biennium compared to a nearly $1.3 billion deficit projection in November.
For a breakdown of key reasons of this $2.7 billion projection swing — plus Governor Walz’s latest revisions to the state’s COVID-19 restrictions — view our legislative update infographic.
Please see full infographic below for more information.
LEGISLATIVE UPDATE• $940 million from the current biennium carrying forward• $491 million falling to the bottom line from a 2019 law• Federal COVID relief packages — $900 billion from December and $1.5 trillion being considered by Congress • Reduced spending in education and health care • Increased revenues from individual income, corporate, and sales taxes Upcoming DatesMarch 12March 19March 26April 6April 91st Committee Deadline2nd Committee DeadlineLegislative Break beginsLegislature Reconvenes3rd Committee DeadlinePath of the pandemic and widespread vaccinationFederal supportConsumer behaviorBusiness confidence and financial market volatilityThe forecast includes the following assumptions:Gov. Walz Bonding ProposalGovernor Walz released his “2021 Local Jobs and Projects Plan” which would invest more than $518 million in public infrastructure projects. Key provisions of the proposal include:• $150 million for St. Paul and Minneapolis for areas damaged by civil unrest in May• $100 million in housing infrastructure bonds to preserve and build new housing opportunities• $57 million for University of MN and $64.4 million for Minnesota StateHouse Capital Investment Committee Chair Fue Lee (DFL – Minneapolis) welcomed the governor’s proposal and said the bill puts Minnesota “on the right track.” Senate Capital Investment Committee Chair Tom Bakk (Ind. – Cook) alluded that the legislature’s top priorities “are putting together the state budget and appropriately responding to the coronavirus pandemic.” House Minority Leader Kurt Daudt (R – Crown) stated he is willing discuss a small proposal.Governor Loosens Restrictions On Friday, March 12, Governor Walz announced:• Work from home no longer required but recommended starting April 15• Restaurants and bars allowed to operate at 75% capacity starting March 15 and 100% capacity starting April 1, maximum capacity 250• Salons and other personal service business can operate at full capacity starting March 15• All entertainment venues can operate at 50%, up to 250 people starting March 15• Venues can operate at larger capacities starting April 1• Gyms can operate at 50% starting March 15 and starting April 1 can exceed 250 people per applicable percentage limitsMasking and social distancing are still required. The full guidance can be found here.Contact UsSonnie ElliottPrincipal  Faegre Drinker Consulting+1 612 766 8630sondra.elliott@faegredrinker.comTom FreemanDirector  Faegre Drinker Consulting+1 612 766 8155thomas.freeman@faegredrinker.comDonovan HurdAdvisor  Faegre Drinker Consulting+1 612 766 8876donovan.hurd@faegredrinker.comDave JohnsonPartner  Faegre Drinker+1 612 766 7506david.johnson@faegredrinker.comEmily NachtigalAdvisor  Faegre Drinker Consulting+1 612 766 6852 emily.nachtigal@faegredrinker.com28 months until the end of FY2022-23 On February 26, 2021, Governor Walz and Minnesota Management and Budget (MMB) officials released Minnesota’s February Economic and Budget Forecast. The budget forecast revealed a $1.571 billion surplus for Fiscal Year 2022-23 biennium compared to a nearly $1.3 billion deficit projection in November. Key reasons for change include:February Economic Forecast2021 Minnesota Legislative Update

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