Rep. Andrew Falk
Minnesota House of Representatives
Letter to the Editor
CONTACT:
Matt Privratsky
651-296-6860
matt.privratsky@house.mn
December 5, 2013
FOR IMMEDIATE RELEASE
Minnesota Pays Back Schools – In Full
Economic Forecast reveals strengthening economy, budget surplus,
and full repayment of school IOU’s
Dear friends and neighbors,
Today, Minnesota Management and Budget announced that the November forecast shows a projected budget surplus of $1.08 billion for fiscal years 2014-15. The first $246 million of the surplus will be used to completely re-pay the billions that were borrowed from our schools; which were decisions made by previous legislatures. After paying back the shift, our state’s balance will still be $825 million to the positive.
One of my top priorities last legislative session was paying back the money borrowed from our schools. This required raising taxes, cutting spending, and reforming the way our state did business. None of these choices were easy, but they were necessary to put our state on solid financial footing and to pay back the obligations we owed.
To recap, at this time last year, we faced a $600 million deficit and an $800 million IOU to our schools. By working with Governor Mark Dayton, the Democratically controlled legislature made historic investments in jobs, all day kindergarten, higher education, and passed a fair and honest budget without shifts and gimmicks.
The forecast also revealed that Minnesota’s economy continues to strengthen. Minnesota’s unemployment rate is down to 4.8 percent and in August, the state had recovered all of the jobs lost during the recession. However, more work still needs to be done. Most of the economic gains of the recovery have gone to the wealthy and income inequality is still a major concern. I will continue to be a tireless advocate for a strong and expanding middle-class.
The 2014 Legislative Session begins on February 25. Please contact me with any thoughts, concerns, questions, or suggestions you have. Please reach me by phone at 651-296-4228 or email at rep.andrew.falk@house.mn.
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