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.
“Paying off the school shift was a promise we made to Minnesotans,” said State Representative Jason Metsa (DFL – Virginia). “We made good on that promise because building a well-educated workforce is how we’ll grow Minnesota’s economy. Students deserve the resources needed to succeed in the classroom. I’m proud of the steps we’re taking to build a brighter future for our kids.”
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, Metsa stressed that more needs to be done to create economic growth on the Iron Range where the unemployment rate remains higher than other parts of the state.
“I’ve been a long time advocate for the proposed PolyMet copper-nickel mine,” said Metsa. “It’s a project that will create hundreds of well-paying, permanent jobs in our region. That’s a top priority of mine. I’m also pushing for an increase to our state’s minimum wage and will continue working hard to pass a strong bonding bill next session.”
Metsa 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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Expansion of the Range Regional Airport
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Improvements to the Virginia Convention Center
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Relocation of the Mesabi Trail and Highway 53
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Development at Vermillion State Park
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Improvements to Giant’s Ridge Resort
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Infrastructure improvements in Biwabik
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Improvements for the St. Louis County Sheriff’s Rescue Squad
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New office building for the Arrowhead Economic Opportunity Agency (AEOA)
The next budget forecast will be released in February 2014. State lawmakers kick off the 2014 Legislative Session on February 25.
Rep. Metsa encourages his constituents to contact him with any questions about today’s economic forecast. He can be reached by phone at (651) 296-0170, by email at rep.jason.metsa@house.mn, or by postal mail at 521 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155.