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Dear Neighbors,
We learned yesterday that Minnesota faces a $2.4 billion deficit due to the COVID-19 pandemic. I am pleased to report, however, that the responsible budgeting decisions we made last year have left the state with $2.3 billion in our state's rainy-day fund. The prudent decisions we made before will allow us to manage this deficit without disastrous cuts or tax increases.
In addition, the federal stimulus package from several weeks ago (the CARES Act) provided the state with nearly $2 billion in aid. There have been discussions in Washington, D.C. about additional aid to state and local governments. These federal funds will allow the state to offer new aid to members of our community that are suffering during the pandemic, which includes my bill to provide forgivable loans to small businesses.
But the good news today doesn't guarantee good news tomorrow. If the pandemic worsens, or if a "second wave" materializes in the fall, our state's budget could fall further into deficit. We will need to continue to be cautious and responsible as we think about how to manage the state's finances. Read more here.
Elective Surgeries to Resume
Governor Walz announced on Tuesday that elective procedures will soon be allowed to resume -- as early as next week -- on the condition that health care providers develop a plan to safely provide these procedures in a manner that is consistent with Minnesota Department of Health guidelines. You can read more about the executive order here.
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