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Minnesota House of Representatives

State Representative Debra Hilstrom

379 State Office BuildingState Office Building
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-3709

For more information contact: Ted Modrich 651-296-5809

Posted: 2012-02-29 00:00:00
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“SURPLUS” ONLY REVEALS LONG-TERM DEBT AND DEFICITS

(ST. PAUL) — Today, Minnesota Management and Budget announced that the state has a $323 million surplus. Current law states that $5 million of the surplus must go to budget reserves with the rest beginning to pay back the $2.75 billion borrowed from Minnesota schools.

Deputy Minority Leader Debra Hilstrom (DFL – Brooklyn Center) released the following statement on today’s announcement:

“This forecast shows that Minnesota doesn’t really have a surplus; it reveals the long-term debt and deficits caused by irresponsible borrowing from Minnesota schoolchildren and the use of tobacco bonds. If the Legislature had passed a balanced solution favored by Democrats, the Governor, and the majority of Minnesotans, our state would not face the same debt. Even after today, we still owe our kids $2.4 billion.

“The Republican budget has saddled our state with debt, raised property taxes, taken money out of our classrooms, and created problems for the budgets of families, small businesses, students and seniors, all while leaving a $2.1 billion deficit — including inflation — in our next budget cycle.

“The only way to grow our economy for the long-term is to build a strong middle class and improve schools for our children. Instead of racking up debt and pushing off our budget problems onto our kids, we should work together, listen to Minnesotans, and budget responsibly."

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