MNA Legislative Update, February 28, 2014
Today’s economic forecast showed the state has a budget surplus of $1.23 billion, due to better-than-projected revenue collections and lower spending. This news is a welcome change from past years of structural deficits, budget gimmicks and program cuts. This shows that Minnesota is on strong economic footing and the budget reforms made last session worked. Because the budget has been improving, the state has already paid off the entire “school shift” ($2.8 billion borrowed from public schools to shrink the 2011 budget deficit) so the $1.23 billion surplus is not obligated to be spent on any specific program.
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