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State Representative Rod Hamilton
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-5373
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NEWS RELEASE
HAMILTON ENCOURAGED BY IMPROVING BUDGET FIGURES
ST. PAUL – State Representative Rod Hamilton (R-Mountain Lake) said he was encouraged to learn that Minnesota’s projected budget deficit is shrinking. State economists now say the projected Fiscal Year 06-07 budget shortfall has been reduced from $700 million to $466 million.
“This is a positive indication that Minnesota’s economy continues to slowly but surely rebound,” Hamilton said. “This is a direct result of the tough choices my predecessor former Rep. Elaine Harder and other lawmakers made last year when the state faced a $4.5 billion deficit.”
Hamilton said increasing trends in projected receipts from individual income tax, corporate income tax and sales tax account for all of the additional state revenue. State expenditure estimates are nearly identical to November's forecast.
Hamilton added that the increased revenue and law changes have also given Minnesota a additional $175 million in the 2005 budget. That money is allocated by current law, as $25 million must replace money taken from the budget reserve for FY05 spending already enacted in the current session; and $150 million must be used to further reduce school aid payment shifts.
Another positive trend noted by Hamilton is that unemployment claims have dropped significantly and Minnesota's unemployment rate remains below the national average.
“This welcome news shows our state is headed in the right direction,” Hamilton said. “We must continue policies that enhance Minnesota's jobs and business climate and create economic opportunities in rural Minnesota."
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