|
| Date: | February 29, 2012 | | Contact Name: | Susan Closmore | | Contact Phone: | 651-296-5712 | | Contact Email: | susan.closmore@senate.mn | | For Immediate Release | |
|
| SENATOR MICHELLE BENSON STATEMENT ON FEBRUARY FORECAST |
St. Paul- Minnesota Management and Budget Commissioner Jim Schowalter announced Wednesday that the February economic forecast shows a positive budget balance of $323 million for the current biennium (Fiscal Years 2012-13). This is $323 million more than the $876 million surplus reported in the November 2011 forecast. In accordance with current law, $5 million of that positive balance will be used to restore the state’s budget reserve to a total of $653 million and the remainder, $318 million, will be used to buy-down the school shift. Senator Michelle Benson (R-Ham Lake) gave the following statement in response to the February forecast.
“Today’s budget forecast is extremely good news both in the near term and the long term. With the pendulum swing from a $6.2 billion deficit to a now $1.2 billion surplus, we have fully restored our cash-flow account and our budget reserves. I’m thrilled that we can begin buying down the school shift that was part of the budget compromise in 2011. The February forecast shows that our steady hand in dealing with the budget has significantly improved Minnesota’s financial outlook,” said Senator Benson. “We have more work to do to reinvigorate job creation here in Minnesota, but today’s forecast affirms that we are moving in the right direction. I remain steadfast in my commitment to a legislative agenda putting Minnesota’s economy on a forward path.”
