ST. PAUL, MN – Today, Minnesota Management and Budget announced a projected budget surplus of $1.08 billion for the current biennium (fiscal years 2014-15).
The first $246 million of the surplus will be used to pay back the remaining school shift in full thanks to an accelerated repayment plan in the new state budget, leaving a balance of $825 million.
“This is a good day for Minnesota,” said State Representative Jeanne Poppe (DFL – Austin). “Repaying our schools has been a top priority for this legislature. I’m pleased we were able to accomplish that. It’s another positive step towards a building a stronger economy.”
Today’s budget forecast comes on the heels of a recent report from the Minnesota Department of Employment and Economic Development (DEED) showing that the state’s unemployment rate fell to 4.8 percent in October, the lowest it’s been since December 2007 and well below the national rate of 7.3 percent. Minnesota employers have added nearly 50,000 jobs over the past year, a growth rate of 1.8 percent compared to the national rate of 1.7 percent.
“We’ve seen a lot of encouraging signs over the past year showing that Minnesota’s economy is growing,” said Poppe. “I’m hopeful that we’ll continue making progress in 2014 if we keep focusing on priorities like education, job creation, and property tax relief.”
The next budget forecast will be released in February 2014. Poppe says that if the projected surplus holds, she supports the repeal of a new tax on farm equipment repairs.
“Repealing that tax would remove a financial burden on our hard-working farmers,” said Poppe. “It’s definitely a top priority of mine.”
Rep. Poppe encourages her constituents to contact her with any questions about today’s budget forecast. She can be reached by phone at (651) 296-4193, by email at rep.jeanne.poppe@house.mn, or by postal mail at 487 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., Saint Paul, MN 55155.