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 pleased that our state’s finances appear to be on stable footing for the first time in many years,” said State Representative Tina Liebling (DFL – Rochester). “We promised Minnesotans that we would pay back our schools and end the era of budget gimmicks and borrowing. I’m proud to say we kept that promise. The result is a stronger, healthier economy right now and into the future. We have more work to do to create jobs and expand economic prosperity, but today’s forecast is another sign that our economy is on the right track.”
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.
The next budget forecast will be released in February 2014. Liebling says that if the projected surplus holds, lawmakers should have a robust discussion about how that money should be spent.
“While our increased revenue is good news, we still have many needs and challenges in Health and Human Services, transportation, and other areas of the budget. I look forward to hearing from my constituents and working with the legislature to set the right priorities for the use of these funds.”
Rep. Liebling encourages her constituents to contact her with any questions or feedback about today’s budget forecast. She can be reached by phone at (651) 296-0573, by email at rep.tina.liebling@house.mn, or by postal mail at 367 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., Saint Paul, MN 55155.