St. Paul, Minnesota – On Thursday, Minnesota’s State Economist Laura Kalambokidis announced that the state is projected to have a $1.037 billion surplus through the FY16-17 biennium. With the state on firm economic ground, Senator Bev Scalze (DFL-Little Canada) sees this as more good news for Minnesota’s financial stability.
“Minnesota continues to perform well economically, with businesses expanding, families with more money in their pockets and a continued strong recovery. This forecast is a reflection of responsible fiscal policy, but we must also consider that much of our surplus will go to covering increases in inflation. We must take a long-term focus on how we approach budgeting for the next fiscal cycle, and hopefully the February Forecast will give us a clearer picture,” said Sen. Scalze.
The primary factors for the state’s strong forecast are a result of lower health care costs thanks to the Medical Assistance expansion passed in 2013 and stronger economic activity as the state continues its post-recession recovery.
For information on this or any legislation, please contact Sen. Bev Scalze at 651-296-5537 or by email at firstname.lastname@example.org