SAINT PAUL, MN – Today, Minnesota Management and Budget (MMB) released the February Economic Forecast, which showed a $1.9 billion budget surplus. The surplus is a result of several factors, including higher revenues, lower spending a strong economy in Minnesota. Combined with an unemployment rate is 3.6%, the 5th lowest in the country, and increasing wages, Minnesota’s economy is looking quite strong. In fact, MMB announced that the budget will be structurally balanced until at least 2019.
Last biennium, the DFL-led legislature passed a balanced budget for the first time in nearly a decade. That budget invested in education, middle-class tax relief and asked the very wealthiest Minnesotans to pay their fair share. Since then, more than 75,000 jobs have been created in Minnesota. More Minnesotans are working now than ever before, but there is more work to do to expand opportunity for all.
Rep. Bly released the following statement:
“Our economy is in a good position and the budget surplus reflects that reality. We should invest the surplus in areas that matter to Minnesotans, such as college affordability, early childhood education, child care tax credits, fixing and expanding our transportation and transit infrastructure, and ensuring affordable health care for all. These are real issues facing Minnesota families and we can improve them with a budget that makes strategic investment. I look forward to working with my colleagues at the legislature to continue expanding opportunity for all Minnesotans."