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State Representative Tony Cornish
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4240
For more information contact: Jason Wenisch 651-296-2317
NEWS RELEASE
CORNISH PLEASED BY STATE SURPLUS REPORT
ST. PAUL - The November state budget forecast is a welcome sight according to State Representative Tony Cornish (R-Good Thunder). Minnesota’s latest projections show a $701 million surplus for the 2006-07 budget cycle.
“Minnesotan’s can feel good about the direction the state economy is headed,” Cornish said. “In previous years, lawmakers dealt with budget shortfalls. Our answer was to cut spending and not raise state taxes, and this surplus proves that decision was wise.”
As for the current economic forecast, the $701 million will automatically be allocated to further K-12 education shift buybacks. As part of the deficit reduction process in previous years, the Legislature delayed aid payments to schools, and by law, the state must now return those funds.
In addition, state economists also project Minnesota to have an additional $337 million surplus from Fiscal Year 2005.
“Sometimes when the going gets tough you have to live within your means, and that’s exactly what our state did when we faced a mammoth $4.5 billion deficit,” Cornish said. “It would have been easy to raise income taxes to solve this problem. Instead, lawmakers realized we had a spending problem, and not a revenue problem. Continuing down this path of fiscal responsibility will maintain our healthy economy for years to come.”
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