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| Date: | February 29, 2012 | | Contact Name: | Peter Winiecki | | Contact Phone: | 651-297-8077 | | Contact Email: | peter.winiecki@senate.mn | | For Immediate Release | |
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| STATEMENT FROM DEPUTY SENATE MAJORITY LEADER
JULIANNE ORTMAN ON FEBRUARY ECONOMIC FORECAST |
St. Paul --- Today, Minnesota Management and Budget Commissioner Jim Schowalter announced the February economic forecast that shows a $323 million improvement for the remainder of the 2012-13 biennium. Last year at this time, the State of Minnesota faced a $5.2 billion deficit and now reports a total surplus of $1.1 billion ($876 million reported in November 2011 and $323 million more added today).
After learning about today’s budget forecast, Deputy Senate Majority Leader Julianne Ortman (R-Chanhassen) offered the following statement:
“Today’s announcement is great news for Minnesota. I am pleased with this budget forecast. We made a commitment when elected in 2010 that we would resolve the deficit without raising taxes. Through fiscal discipline and hard work on the part of Minnesotans, we now have two consecutive positive forecasts. We have more work to do to reinvigorate the state’s economic climate, but it is encouraging that Minnesota is moving in the right direction. My colleagues and I will stay the course and encourage growth in Minnesota’s economy.”
Under current law, the $1.1 billion surplus is first dedicated to restore the state’s cash flow and reserve accounts. With the additional funds announced today, the state will pay $318 million in school shift repayments beginning in March. The $318 million in school payments is almost half of the amount borrowed to solve the state budget deficit for 2012-13.
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