ST. PAUL, MN—Minnesota Senate Education Chair, State Senator Chuck Wiger (DFL-Maplewood), announced that all of the $2.8 billion that was borrowed from our schools has been repaid due to the budget surpluses generated by Minnesota’s growing economy. A new economic forecast released today shows Minnesota’s budget surplus projected for the current biennium will permit the immediate repayment of the final $246 million still owed our schools.
“Paying back our schools is a victory for all Minnesota school children,” said Sen. Wiger. “Thanks to our strong business community and hard working Minnesotans, our economy continues to build momentum. Today’s strong economic forecast confirms that the structurally-balanced budget passed this year by the legislature has put the state on stable economic footing for the first time in years.”
According to the budget forecast projections, Minnesota has one of the fastest growing economies in the nation. Minnesota is back to pre-recession jobs numbers, our state’s credit rating has improved and confidence among consumers and job creators is up.
Sen. Wiger cautioned that although today’s economic forecast shows that Minnesota’s economy is performing well, “The $825 million surplus is only a projection and should not be considered money in the bank.” In fact, only $55 million (6 percent) of the projected surplus is actually collected as of today. There are 20 months remaining in this biennium and it is important to put money in reserves and build on this momentum of expanding economic opportunities.
As always, please contact Sen. Wiger with questions or suggestions regarding any issue. Also, please tune in to his local cable TV show, “Your Capitol: What’s Up?,” which appears on public access channels 15 and 16. He can be reached by email at email@example.com and by phone at 651-296-6820.