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FiscalStraightTalk

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Information about FiscalStraightTalk
Business-Finance

Published on April 13, 2008

Author: Clarice

Source: authorstream.com

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Straight Talk about Government Finance:  Straight Talk about Government Finance John Gunyou gunyou.com Slide2:  “I never did give anybody hell. I just told the truth, and they thought it was hell.” (President Harry S Truman ) What caused the budget crisis? multiple choice:  9-11 and the recession Spending is out of control Carlson & Gunyou Political myopia It was Jesse’s fault What caused the budget crisis? multiple choice Spending is not out of control our national rankings are falling:  Spending is not out of control our national rankings are falling Spending (% income) 1992 2002 All Gov’t Services 10 22 K-12 Education 9 27 Higher Education 28 35 Highways 13 23 Public Welfare 4 10 Source: Minnesota Taxpayers Assn, “How does Minnesota Compare?” The crisis was self-inflicted with short-term thinking:  The crisis was self-inflicted with short-term thinking Source: Minnesota Department of Finance, various documents. Four years of deficits True or false?:  How big is the surplus? A billion dollars $405,071,257.32 There is no surplus True or false? The budget was balanced without raising taxes Slide7:  There is no surplus no new programs, restoration or tax cuts 2006-07 2008-09 Ongoing Revenue $31.4 $33.3 Ongoing Spending 31.4 32.2 Difference 0 $1.1 Program inflation 0.9 Transportation bonds 0.2 Real Difference 0 One-time balance $0.4 Source: MnDOF, Feb 2006 Budget Forecast. How they patched up the deficit :  How they patched up the deficit Source: Minnesota Department of Finance, various documents. What reforms were implemented? to prevent future crises :  What reforms were implemented? to prevent future crises Controlled major cost drivers Programs to reduce future costs Stabilized volatile tax system Tied funding to results Strengthened local partnerships Who provides your services? :  Who provides your services? Grants to local governments & nonprofits Source: MnDOF, 8-05 EOS report. Cities, counties & schools Uncle Sam & Cousin Tim Taxpayers League Why property taxes are soaring:  Why property taxes are soaring Source: Gunyou property tax bill, March 2006. LMV phase out School formulae Unfunded mandates State reneged on its promise to take over school funding:  State reneged on its promise to take over school funding Source: MnDOF, 9-05 POG report. We’re investing in our future by supporting::  hogs, frogs & blogs educated workforce transportation infrastructure early childhood education sports stadia We’re investing in our future by supporting: Which investment has the highest ROI? Lagging college support prices education out of reach:  Lagging college support prices education out of reach Source: Illinois State University Grapevine; annual appropriation change Governor’s transportation plan mortgages the future:  Governor’s transportation plan mortgages the future 10 yr program paid with 30 yr bonds Debt paid from: maintenance dollars $600 million GF Gas tax hasn’t gone up in 18 years Source: MnDOT, Pawlenty-Molnau Bonding Proposal. Final exam: essay question Discuss how MN is positioned for the future:  Final exam: essay question Discuss how MN is positioned for the future Source: Bureau of Economic Analysis, U.S. Dept of Commerce. Arne Jesse Rudy Tim? Slide17:  “Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has.” (Margaret Mead) You can make a difference

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