Dear Friends,
Today the Minnesota Management and Budget Office released what's known as the February forecast, which gives lawmakers and the Governor an update on Minnesota's budget situation.
Minnesota's economy continues to be one of the strongest in the nation, with our budget showing a $1.869 billion surplus. We owe a big thank you to the hardworking taxpayers for their part in helping to fuel Minnesota's economic comeback. It's the hard work of Minnesotans, not of any politicians here in Saint Paul, that generate revenue.
A budget surplus should not be a call-to-arms to spend. Minnesotans deserve some form of tax relief, and to see their hard-earned money coming back to their wallets, rather than being put back into government. Moreover, the report states that part of the reason for the improved economic outlook is the recent drop in gas prices which left more money in the pockets of families. A sudden spike in gas prices back to $4.00/gallon could have a major impact on our economy.
Now that we have a better picture of our state's budget situation, lawmakers can begin crafting our budget proposals for the 2016-2017 biennium. The House and Senate will release their respective budget targets, and begin the process of finding a budget proposal that can earn the support of the House, the Senate, and the Governor.
I will be sure to keep you up to date on the budget situation as it continues through the process.
Have a great weekend,
Mark Uglem
State Representative, District 36A