Hello from the Capitol:
Another busy week has passed in St. Paul and there is more good news to share that benefits, not only our community, but the entire state of Minnesota.
The Office of Minnesota Management and Budget (MMB) released the February economic forecast Tuesday, revealing a larger budget surplus than forecasted last fall. For the 2018-2019 budget years, Minnesota is projected to have a $1.65 billion surplus, an increase of about $250 million. Additionally, a $2.124 billion surplus has been projected for the 2020-2021 biennium.
The increase in the surplus mostly comes from greater-than-expected revenue from individual income taxes, the general sales tax, and the corporate franchise tax. MMB budget documents state that an improved U.S. economic outlook and positive numbers for key economic data points such as personal income growth, employment, and consumer spending have contributed to the additional surplus revenue.
It is obvious that state government has been collecting too much money from the taxpayers. The news of a growing surplus makes middle class tax relief even a higher priority. Finance committee chairs have begun to craft the state budget for the next two years and I am confident that significant tax relief will be included.
Rice County Veterans Memorial:
The bill (House File 667) that provides the remaining funds needed to finish the Rice County Veterans Memorial at the courthouse will be heard next week in the Legacy Funding Finance Committee. I am hopeful for its inclusion in the final legacy bill.
Please join me at Bernies in Faribault (129 Central Ave. S.) for a town hall meeting next Saturday, March 11th at 9:00 AM. Bring any questions, comments, or concerns that you may have. I hope to see you there!
If you ever have any questions, comments, or concerns regarding any issue related to state government, please feel free to contact me at either 651-296-8237, or firstname.lastname@example.org.