$1.1B state budget shortfall predicted - Jessica Lee, Minnesota Daily

The severity of the deficit could negatively affect University of Minnesota President Eric Kaler’s $1.2 billion biennial budget request. Richard Pfutzenreuter, the University’s chief financial officer, said “it’s just simply too early to panic” and things will be clearer when “the dust settles on the fiscal cliff.” “They will definitely face budget challenges at the Legislature this year. That’s clear from the forecast,” Pfutzenreuter said. “But I think this forecast is probably more preliminary than in the past because of the uncertainty of the fiscal cliff and what might happen.” State economist Tom Stinson and his staff created a first-time “alternate forecast” infused with data from Global Insight — an organization that provides expertise on financial information — to prepare Minnesota for the worst. http://www.mndaily.com/2012/12/06/11b-state-budget-shortfall-predicted