Session Daily is an online news service updated every day during session and when news from the House warrants.
State leaders will enter the 2014 legislative session with a projected $825 million budget surplus. However,
caution is being urged.
Those were the messages from Minnesota Management & Budget as the
November Economic Forecast was released. The twice-annual forecast provides
a snapshot of the state’s economy and predicts if the state should have a
projected surplus or budget deficit.
“This is certainly a better problem to have than the alternative,” said Gov. Mark Dayton.
According to MMB, the projected balance for the 2014-15 biennium is $1.086 billion; however, the first $246
million of the balance must statutorily be used to complete repayment of the
K-12 school property tax recognition shift. Another $15 million will go to the state airports fund to restore money that was first borrowed in 2008.
(ABOVE: State Budget Director Margaret Kelly looks through charts prior to the Minnesota Management & Budget presentation on the November forecast. Photo by Paul Battaglia)