Minnesota Report
Management and Budget Office Commissioner Myron Frans announced yesterday his departure for a Vice President position at the University of Minnesota. He will be replaced by former MMB Commissioner Jim Schowalter who returns after a stint as CEO of the Minnesota Council of Health Plans.
The day before the announcement MMB announced a historically low interest rate during the sale of it’s bonds and a refinancing of its existing bonds. “As part of the sale, Minnesota refinanced $704 million in existing bonds saving the state approximately $105 million, which includes $42 million in savings to the general fund and $48 million in savings to the trunk highway fund for Fiscal Year 2021.”
This will put a small dent into the looming budget deficit, but it is worth noting if the legislature had done its job during the first two Special Sessions and actually done some valuable work other than the Republican posturing yesterday in the Senate and sending a shot across Governor Tim Walz’ (DFL-MN) bow with the Senate rejection of confirmation of Labor Commissioner Nancy Leppink, who became a casualty in the dispute between Republicans and Walz over Emergency Executive Powers.