Minnesota finance officials say they are delaying scheduled payments to the University of Minnesota by several days as they try to manage the state's cash flow.
Tight finances have already prompted the state to delay corporate and sales tax rebates, and to borrow from money designated for the Minnesota State Colleges and Universities system. Preparations also continue for the state to take out short-term loans for the first time in 25 years.
Minnesota Management and Budget Commissioner Tom Hanson said Monday that he'll present a detailed plan for that borrowing next month. But Hanson said a decision to use the plan won't be made until March, April or May.
"Those are the lowest cash months. We don't receive any big payments from anybody or any revenue sources," Hanson said. "We're actually paying out a lot of income tax refunds at that point. And our projections over a year's basis, March, April and May are generally the lowest."
DFL Rep. Lyndon Carlson, chair of the House finance committee, said he's growing more concerned about the state's cash flow situation.