ST. PAUL, Minn. – Minnesota Management & Budget released the state’s November Economic Forecast earlier today. Senate Majority Leader Tom Bakk released the following statement:
“Today’s positive forecast is more good news for the people of Minnesota. Our state’s workers and businesses are the engine of our growing economy, and it’s thanks to them that Minnesota is well positioned coming out of the recent economic downturn.
This forecast also shows how the honest budget passed by the legislature and the Governor, without accounting shifts or gimmicks, has created the confidence and stability necessary for Minnesota’s economy to grow. Claims that new revenue in the DFL budget would cripple the state’s economy are simply false, and we are optimistic that Minnesota will continue to add jobs in the coming year.
Not only did today’s forecast show revenue projections above what was expected, the state’s spending came in $247 million below what was appropriated, providing another strong indicator of a responsible budget.
At the same time, it would be irresponsible to portray a projected surplus as money in the bank. As the legislature convenes next year, we will await the more up-to-date February forecast as we work together to expand economic opportunity for all and sustain Minnesota’s long-term prosperity.”