From the new law, Minnesota is estimated to receive $4.5 billion for highways, $818 million for public transportation, $302 million for bridges, and $68 million for electric vehicle charging stations. Other important investments from the legislation not related to transportation include $100 million for broadband internet and $680 million for clean water infrastructure. The investments we’re seeing from the federal government are putting our state and country on the right track when it comes to addressing aging infrastructure, but these funds alone aren’t a fix-all solution. As we get a clearer picture of what the Infrastructure Investment and Jobs Act means for Minnesota, we’ll be working in the legislature to capitalize on this moment and fully build back better for our state. Minnesota’s Economic Forecast & BondingEarlier this month, Minnesota Management and Budget (MMB) announced the state’s budget forecast, projecting a $7.7 billion positive fund balance. In addition to depicting a strong economy, the forecast also shows the state’s capacity to bond up to $3.5 billion, enabling the possibility of a robust Capital Investment Bill. The forecast is good news for Minnesotans, not only for the signs of a strong economy, but for the once in a century opportunity we now have to invest in Minnesota’s critical infrastructure. With the state’s AAA bond rating, historically low interest rates, and the responsibility to match the funds from the federal Infrastructure Investment and Jobs Act, we have the ability and duty next session to deliver a robust Capital Investment Bill that rises to this unique moment and meets the immense needs of communities throughout the state - needs that we saw firsthand during this year’s bonding tour. |