No Borrowing To Pay Bills For Minnesota – For Now
ST. PAUL, Minn. (AP) – 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.
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