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University of Minnesota Retiree Association
Myron FransCommissioner
May 19, 2020
Dual Crisis—Health and Economic
•16,372 confirmed cases of COVID-19 in Minnesota and 731 deaths
•678,331 Minnesotan workers have filed for unemployment benefits since March 16
•Projected 2020 GDP -7.4% (May) from +2.1% (February)
•$2.426 billion projected deficit (before use of budget reserve)
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COVID-19 Response Milestones
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Critical Care Beds
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U.S. Economic Outlook
Source: U.S. Bureau of Economic Analysis (BEA), IHS Markit (IHS)
90
92
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2016 2017 2018 2019 2020 2021 2022 2023
FEB 2020APR 2020
Real Gross Domestic ProductIndexed (due to revision), 2Q 2019 = 100.0
Deficit Projected for Current Biennium
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Budgetary Balance-February: $1.513 Billion
• Projected Revenue: $3.611 Billion
• Estimated Spending: $391 Million
• Projected Reserve: $63 Million*____________________________________________Updated Budgetary Deficit: ($2.426 Billion)
*Changes to Stadium Reserve
Budget Reserve Available to Mitigate Impact
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$2.359 Billion
Funding Resources to Combat COVID-19
Federal
Coronavirus Relief Fund – $2.187B
Program-Specific Streams – over $1B
FEMA Funds (match required)
Direct Payments and Loans
StateCOVID MN Fund – $200M
Additional Targeted State Appropriations – $354M
PrivateMN Disaster Recovery Fund – $11M
Other Efforts & Donations
State Agencies
Local Government
Private/Non-Profit Service Delivery
Organizations
Individual Residents & Businesses
Balancing Our Response
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$2.359 Billion