ST. PAUL, MN – Yesterday, 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 for our students, schools, and Minnesota’s economy,” said State Representative David Bly (DFL – Northfield). “It shows we are committed to balancing the budget in a pay as you go fashion to put our state on sound fiscal footing. Paying back the school shift was a top priority of mine and I’m pleased we got the job done.”
The new 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 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.
The next budget forecast will be released in February 2014. State lawmakers kick off the 2014 Legislative Session on February 25.
Rep. Bly encourages his constituents to contact him with any questions, comments, or other feedback. He can be reached by phone at (651) 296-0171, by email at rep.david.bly@house.mn, or by postal mail at 559 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155.