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Positive report shows growing economy, stable budget & full repayment of debt to Minnesota schools
Saint Paul, Minnesota – Speaker Paul Thissen and Majority Leader Erin Murphy responded today to the positive economic report released by the Office of Minnesota Management and Budget. On the strength of a growing economy, the budget forecast projected a $1.08 billion surplus for fiscal years 2014-15. The first $246 million of the surplus will be used to completely re-pay the billions that have been borrowed from schools by previous legislatures. After paying back these shifts, the state budget hasa projected $825 million surplus.
Speaker Thissen and Majority Leader Erin Murphy released the following statements:
“As with most economic forecasts, the “spin” starts quickly and the rush is on to claim credit or cast blame. But it’s the facts that speak loudest today. Our economy is growing. More jobs are being created. New businesses are opening. And our budget is balanced. This is all good news for Minnesotans.
Today, we can tell the people of Minnesota that after years and years, and billions in borrowing, we have finally paid the bill we owe our schools - in full. Paying back our schools is a victory for Minnesota kids – and for our future.
In addition, our commitment to responsible budgeting is paying off. For a decade, Minnesota has backed itself into a corner with short-term budget fixes and shifts and gimmicks. We changed course in 2013. The result is that we now have choices, the chance to look ahead, and the ability to make decisions that will benefit middle class Minnesotans in the long-term.
Our economy may be showing signs of progress, but still too many Minnesotans haven’t felt it. We need to do more to expand economic opportunities and grow our middle class. This session it’s our plan to stay focused on growing our economy the Minnesota way – keep expanding economic opportunities, such as raising the minimum wage - and continuing to put the priorities of middle class Minnesotans ahead of special interests.”
---Speaker Paul Thissen
“Today's good news is reason for hope- though it is premature to throw a ticker tape parade. I want to thank Minnesotans for their hard work to rebuild our economy since the crash of 2008. We remain committed to a strong middle class and economic opportunity for all Minnesotans. And our focus remains on the bread and butter issues that drive our economy - a world class education, innovation and good jobs.
At times over the last several years I’ve felt like a broken record talking about how we need to pay back our schools. So hearing that we are able to finally make good on the debt we owe our kids is music to my ears. This is great news for Minnesota kids, parents, educators, and the future of our world class education system here in Minnesota.
Minnesota's economic outlook is strong and while there is work yet to do, our economic revival gives us reason for optimism. We have a lot of work ahead to meet the challenges that tomorrow brings, and today we are happy to be one step closer.”
----Majority Leader Erin Murphy
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