No borrowing to pay bills for state -- for now
A Minnesota Management and Budget official says the state won't have to borrow to pay bills this month, but might have to in a few months.
Budget coordinator Charles Bieleck told a legislative commission Tuesday that December cash flow is $600 million better than projected, mostly because of increased tax collections and lower debt payments.
Still, Bieleck says the state may have to tap into a $600 million credit line to cover bills at the next low point in March and April.
He says it will depend on the timing and level of estimated corporate tax payments and individual income tax refunds next year.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Create a More Connected Minnesota
MPR News is your trusted resource for the news you need. With your support, MPR News brings accessible, courageous journalism and authentic conversation to everyone - free of paywalls and barriers. Your gift makes a difference.