Posted: September 18, 1996

Contact: Doug Anderson,, 651-201-1426

Laura M. King, commissioner of the Minnesota Department of Finance for the past two years, today was named vice chancellor for budget for Minnesota State Colleges and Universities (MnSCU).

Her appointment was recommended by Chancellor Judith Eaton and approved unanimously by the MnSCU Board of Trustees.

Governor Arne Carlson's office also announced today that King has resigned as commissioner of finance to accept the MnSCU position, effective mid-October.

King will oversee budget and fiscal policy matters for MnSCU, a system of community colleges, state universities and technical colleges with a $1.2 billion annual budget.

Her duties will include preparing the system's operating and capital improvement budget requests, allocating funds to the colleges and universities, developing tuition and fee proposals, supervising systemwide facility planning and overseeing system office information systems, accounting, payroll and audit functions. The position, which has been vacant since October 1995, reports to the executive vice chancellor/chief operating officer.

"Laura King is a highly skilled and respected financial management professional," Chancellor Eaton said. "MnSCU will benefit enormously from her vision, talents and distinguished background in public sector finance."

Governor Carlson praised King's work as finance commissioner. "I am losing a valuable member of the administration," he said. "Laura has provided tremendous services to the citizens of Minnesota. Fortunately for us, she will continue to serve the state and our higher education students in her new position."

King has served in the Carlson administration since September 1991. Before her appointment as finance commissioner in September 1994, she served as assistant commissioner and state budget director. Her accomplishments include leading the administration's successful efforts to return the state to financial health with four balanced budgets, capital and operating budget reforms and restoration of the state's rainy day fund.

During her tenure as commissioner, the state was rated the fourth-best financially managed state in the country and received an upgrade in its bond rating to Aaa from Moody's Investor Services. Minnesota became the first state upgraded to Aaa by Moody's in 22 years.

Before joining the Finance Department, King served as assistant to the finance officer for the city of Minneapolis from 1988 to 1991 and held various finance and management positions in the Minneapolis City Coordinator's office from 1979 to 1988.

She holds a master's degree in business administration from the University of St. Thomas and a bachelor of arts in psychology and statistics from the University of Minnesota.

MnSCU serves more than 151,500 students at 53 campuses around the state.