ST. PAUL –Rep. Bob Vogel, R-Elko/New Market, issued the following statement regarding the release of the state's new economic forecast on Thursday, which calls for a $1.87 billion surplus through July of 2017.
"I am pleased to see this positive projection, yet it remains important to be prudent in our actions," Vogel said. "First of all, this is a projection and external forces such as increased federal interest rates, or other changes in the economy, could affect what really becomes our bottom line balance on July 1 of 2017. Also, state law requires one-third of the excess revenue to be placed into reserve accounts so the entire projected surplus is not available to supplement general fund expenditures. So with that caveat my top priorities with the remaining surplus available in the General Fund are providing relief to families and businesses that have been overtaxed, and increasing funding for our roads and bridges without raising the gas tax."
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