Minnesota's rainy day fund is drained, and now we're in a budget storm - MinnPost
February 17, 2010
Sharon Schmickle, MinnPost, February 12, 2010
Seventeen states tapped rainy day funds to help balance their budgets for this recession-racked fiscal year. And 15 other states still held enough in their funds to cover at least 5 percent of their annual spending needs.
Minnesota was not among them. Its rainy day fund was drained in 2008. And reserve funds that could cushion the state's public institutions from fiscal disaster are unlikely to be replenished any time soon.
Just the opposite. Gov. Tim Pawlenty has pressured cities, school districts, the University of Minnesota and the 32 institutions in the Minnesota State Colleges and Universities system to draw down their own reserves in order to cover for shortfalls at the State Capital.
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