Yesterday, 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.
This is great news for our students, schools, and Minnesota’s economy. It shows we are committed to balancing the budget in a pay as you go fashion to put our state on sound fiscal footing. Paying back the school shift was a top priority of mine and I’m pleased we got the job done.
The Budget and Economic Forecast contained good news about the Minnesota economy projecting stronger employment and income growth.