Updated budget numbers show economic improvement
ST. PAUL – State Representative Tim O’Driscoll (R-Sartell) responded to the Minnesota Management and Budget (MMB) budget forecast today with the following statement:
“Minnesota’s projected budget deficit for 2014-2015 is now $627 million, a small fraction of the original estimate of $4.4 billion two years ago. We saw today the impact Republican fiscal policies from 2011 have had on Minnesota’s economy and our overall budget situation. Just two years ago, Republican majorities in St. Paul took on the difficult task of balancing the state’s massive budget deficit while not impeding the economic growth necessary to refill state revenue accounts. Minnesota is once again on the right path thanks to sound management of the state’s finances and a commitment to keeping taxes low. Our policies have delivered steady, consistent improvements to the budget outlook.
I am also proud to report that another $290 million from the updated budget will be directed to buy down the K-12 school shift, leaving a balance of $801 million remaining. All in all, the Republican budget has paid back the entire school shift enacted in 2011 and is now being directed towards the DFL school borrowing that occurred in 2010.”
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