ST. PAUL, Minn. – Sen. Erik Simonson (DFL-Duluth) reacted to the February Budget Forecast, released today. The surplus has increased by $250 million since November’s Budget projections, leaving $1.65 billion available to for tax cuts and spending this biennium.
“While it is true, the February budget forecast indicates an increased surplus now totaling $1.65 billion dollars for this biennium, I would caution us all as policy makers to be smart about how we spend this money. Much of our forecasted GDP is dependent on what happens in Washington, and any major shift in domestic spending or an international trade conflict would potentially have a negative and sizeable effect on Minnesota revenue and spending projections.
This ought to be a time we exercise restraint, maintain our current level of budget reserves, and focus any additional spending on targeted tax cuts for Minnesota working families, educational programs, transportation and a sizeable jobs (bonding) bill,” said Sen. Simonson