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 great news that every Minnesotan can celebrate,” said State Representative Will Morgan (DFL – Burnsville). “Our state is on sound financial footing for the first time in years because we finally put an end to the gimmicks, borrowing, and shifts that caused perpetual deficits over the past decade. We kept our promise to pay back our schools because this is a state that values our children’s education. It’s another positive sign that our economy is moving in the right direction.”
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.
“Our improved economic standing is a testament to our workforce and our businesses, both large and small,” added Morgan. “This is a great state to live, work, raise a family, and start a business. We can keep it that way if we continue making progress on priorities that Minnesotans broadly share like education, job creation, and property tax relief.”
The next budget forecast will be released in February 2014. Lawmakers kick off the 2014 Legislative Session on February 25.
Rep. Morgan encourages his constituents to contact him with any questions or feedback about today’s budget forecast. He can be reached by phone at (651) 296-5387, by email at rep.will.morgan@house.mn, or by postal mail at 401 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155.