State Budget Forecast Surplus Good News for Minnesota
ST. PAUL, Minn – The Commissioner of Minnesota Management and Budget (MMB) called Minnesota a success story at the February budget forecast announcement at the Capitol on Friday. The forecast for this month shows a budget surplus totaling $1.86 billion – up $832 million from the November forecast. The state’s economist said Minnesota is experiencing the strongest growth it’s seen since the late 1990’s. The economist attributed the state’s growth to increased tax revenues and lower than expected spending, primarily in education.
Sen. LeRoy Stumpf (DFL-Plummer) says the forecast shows the steady and balanced budget-making of the previous two years is working, and all Minnesotans are benefiting from the stability. He also says the budget surplus will allow the legislature to implement more programs and reforms that will reach all corners of the state.
“With the economy strong and unemployment figures the fifth lowest in the country, now is the time for strategic investments in the things we know help all Minnesotans: workforce housing, economic development and transportation,” said Sen. Stumpf.
As Chair of the Senate Capital Investment Committee, Sen. Stumpf sees the forecast as a good opportunity to take a closer look at infrastructure needs across the state. “We know the need for additional maintenance on infrastructure is great. By investing part of this surplus in roads, wastewater infrastructure and the like, we are preserving these things for the future and acting as good stewards of taxpayers’ money.”
For more information, Sen. Stumpf can be reached at LeRoyS@senate.mn or at (651) 296-8660.