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.
“I’m very pleased we’re paying back the money that was borrowed from our schools,” said State Representative Tom Anzelc (DFL – Balsam Township). “This legislature is committed to providing our youngsters with the best education possible. We’re making good on that commitment because we finally put an end to the kinds of budget gimmicks and shifts we’ve seen over the past decade. This is a good day for the people of Minnesota.”
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.
While Minnesota’s economy is improving overall, Anzelc stressed that more needs to be done to create economic growth in northeastern Minnesota where the unemployment rate remains higher than other parts of the state.
“We saw job gains in our mining and logging industries this fall, but there are still lots of people who are struggling,” said Anzelc. “One way we can put Minnesotans back to work is by passing a strong bonding bill during the 2014 Legislative Session. I’m also introducing a constitutional amendment to raise Minnesota’s minimum wage to $10 per hour and tie future increases to the rate of inflation. That kind of one-two punch is a good recipe for economic growth.”
Anzelc joined legislative colleagues earlier this fall to tout the economic benefits of a number of projects in the area that could be included in a bonding bill, such as:
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Improvements to the Reif Performing Arts Center in Grand Rapids.
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Improvements to Itasca Community College.
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Sanity sewer and water main improvements in Coleraine.
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Infrastructure enhancements in LaPrairie.
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Expansion of a wastewater stabilization pond and improvements to the Regional Community Facility in Deer River.
The next budget forecast will be released in February 2014. State lawmakers kick off the 2014 Legislative Session on February 25.
Rep. Anzelc encourages his constituents to contact him with any questions or feedback about today’s budget forecast. He can be reached by phone at (651) 296-4936, by email at rep.tom.anzelc@house.mn, or by postal mail at 517 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155.