A lot has changed in the past four years. When the DFL took over the majority in 2013, we had to dig out from a budget deficit, and we still owed Minnesota schools nearly $2 billion that was borrowed by Republicans. We steadied the ship.
Looking ahead, the DFL plans to defend the progress we’ve made during our last term in the majority. Between 2012 and 2016, we reversed budget deficits and turned them into surpluses. We also created a rainy day account and passed legislation ensuring the state always has a safety net to guide us through future downturns. This year, we’re keeping our eyes open and will call out any unwise spending proposals. A steady economy is good for ALL Minnesotans.
This week, the Senate Committee on Finance heard from state budget officials detailing the most recent budget forecast. In Fiscal Year 2018-19, forecasters predict a structural balance of $1.4 billion. The amount for FY 2018-19, includes $678 million that was left on the bottom line from FY 2016-17. Presenters cautioned that 30 months remain in the forecast. An updated forecast will be released in February which will provide the foundation for budget discussions during this session.