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| Date: | March 1, 2012 | | Contact Name: | Libbie Krueger | | Contact Phone: | 651.296.1388 | | Contact Email: | elizabeth.krueger@senate.mn | | For Immediate Release | |
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| STATEMENT FROM SEN. GARY DAHMS ON FEBRUARY ECONOMIC FORECAST |
(St. Paul) – Yesterday, Minnesota Management and Budget Commissioner Jim Schowalter announced an economic forecast that shows a $323 million improvement in the budget for the remainder of the 2012-13 biennium. A year ago at this time, Minnesota faced a $5.2 billion deficit. The state now has a total surplus of almost $1.2 billion -- $876 million reported in November and $323 million reported yesterday.
After learning about today’s budget forecast Senator Gary Dahms (R – Redwood Falls) offered the following statement:
“We are pleased with the positive budget forecast. If we continue to live within our means and focus on policies that support job-growth, we will continue to see improvements in Minnesota’s financial outlook.”
Under current law, the 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.
Dahms added, “The forecast improvement allows us to completely restore the budget reserves and start buying down the school shift at an accelerated rate. It is encouraging to see Minnesota moving in the right direct, but we have more to do to strengthen the economy. We will continue to responsibly manage the state’s budget and support policies that create jobs for hard-working Minnesotans.”
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