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Minnesota House of Representatives

State Representative Sheldon Johnson

549 State Office BuildingState Office Building
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4201

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Posted: 2012-03-02 00:00:00
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E-Update

2012 SESSION UPDATE

This week we received an updated economic forecast. The report included some good news about a strengthening economy but also some bad news about our future budget outlook.

State Economist Tom Stinson reported an additional $323 million for our current two-year budget cycle. Of the $323 million, $5 million is added to the depleted budget reserve account and $318 million must be used to buyback the funds borrowed in school aid shifts that were used to balance the state’s budget deficit during last summer's special session.

The state still owes our schools $2.4 billion from the education shift and, we are staring at a structural deficit of $1.1 billion for the next budget cycle -- and this doesn't include inflation.

The economic forecast shows good news about our economy, but the future budget outlook for the State is poor. The republicans have failed to put forth a sound, balanced budget, but instead have chosen to borrow one-time money.

If you have an opinion about this ir any other matter, please feel free to either reply to this email or join me and Sen. John Harrington at our Town Hall Meeting. The meeting will be held Wednesday, March 7th at 5:30 pm at the Progressive Baptist Church on Burns Ave. We hope you can attend.

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