To the editor:
I’m pleased to report some more good financial news for Minnesota: Moody’s Investors Service has revised Minnesota’s financial outlook rating from negative to stable. This is big news for our state, as Minnesota was downgraded in 2011.
This session, we balanced our budget without gimmicks for the first time in a decade, while solving the $627 million budget deficit and accelerating the payback of money owed to schools. We invested in the priorities Minnesotans broadly share—education, job creation and property tax relief — and put Minnesota back on the path towards fiscal responsibility and economic prosperity. Moody’s rating is proof of that.
In fact, Moody’s released a statement saying the following:
“Minnesota's rating outlook has been revised to stable reflecting the state's strong financial management that has resulted in improved revenue performance, replenishment of budget reserves, and budget balancing solutions that are largely recurring. Moody's expects that the state will continue to exhibit sound financial practices that will lead to further improvement in the state's overall balance sheet.”
Minnesota’s rating will improve further if we can continue to reverse the trend of gridlock, sustain the trend of a structurally balanced budget, and maintain healthy budget reserves. The rating could go back down if we reverse course and return to a reliance on one-time budget solutions, political gridlock, and ongoing budget deficits.
For more information, visit Moody’s website here: http://bit.ly/1bJWMZW
As your representative, I will continue to support sound fiscal policy and investments in education, jobs and property tax relief that will keep our state economically competitive for years to come.
As always, please contact me anytime with your questions, concerns or comments on the state budget or any other matter. You can reach me at 651-296-4333 or at rep.john.ward@house.mn.
Sincerely,
Representative John Ward
District 10A