|
| Date: | July 16, 2012 | | Contact Name: | Peter Winiecki | | Contact Phone: | 651-297-8077 | | Contact Email: | peter.winiecki@senate.mn | | For Immediate Release | |
|
| SENATOR JOHN PEDERSON COMMENTS ON LATEST ECONOMIC UPDATE FEATURING $336 MILLION IN ADDITIONAL STATE REVENUE |
St. Paul – State Senator John Pederson (R-St. Cloud), commented on the positive news from a recent economic update that shows the State of Minnesota now has $336 million more in its budget than was reported in the last state economic forecast.
“These additional revenues are proof that the budgetary decisions made by me and my colleagues at the legislature in 2011 and 2012 have had a positive effect on Minnesota’s economy,” said Senator Pederson. “Our ability to hold the line on tax increases first erased a $6 billion budget deficit. Then we saw a $1.2 billion surplus back in February. With this additional $336 million, we now have a budget surplus of over $1.5 billion.”
The $336 million in additional revenues is over a 2.1 percent increase in what was forecasted in February by Minnesota’s Management & Budget office, the agency that produces the economic update. Factors leading to the excess revenues include an increase in the collection of individual income taxes, sales taxes and corporate income taxes.
“The fact that we saw this increase in additional tax revenues tells me that Minnesotans are continuing to spend more of their hard-earned money due to a friendlier statewide tax climate,” said Sen. Pederson. “While the U.S. economy is still embroiled in a prolonged recession, Minnesota is in a great position to continue this economic growth due to sound fiscal decisions made by the policymakers at the legislature.”
Sen. Pederson concluded: “The private sector is beginning to build back up Minnesota’s workforce. This could not have been accomplished without the work that was done by the legislature over these past two years.”
###
