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| Date: | July 19, 2012 | | Contact Name: | Peter Winiecki | | Contact Phone: | 651-297-8077 | | Contact Email: | peter.winiecki@senate.mn | | For Immediate Release | |
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| SENATOR JOHN PEDERSON COMMENTS ON RECENT
MINNESOTA MANAGEMENT & BUDGET COLLECTIONS REPORT |
St. Paul --- State Senator John Pederson (R-St. Cloud) is pleased with the recent Minnesota Management and Budget (MMB) revenue collections report stating that Minnesota will not require any short-term borrowing this fall.
Last week, MMB announced a year’s end $336 million surplus that showed great improvement in Minnesota’s budget. Previous projections suggested that Minnesota would need approximately $184 million of short-term borrowing this October. That projected shortfall has been updated, which no shows a $324 million positive balance.
“This is more positive news for Minnesota. The responsible budget decisions and solid fiscal management in the House and Senate is continuing to show positive results for our state,” said Senator Pederson. “18 months ago, the Minnesota Legislature faced a $6 billion deficit. The Republican Majorities in the legislature exercised a steady hand with the state’s budget and made the tough decisions that allow us to enjoy greater financial stability today.”
Additionally, MMB noted that Minnesota’s positive cash flow position has created some “breathing room” for the state in fiscal year 2013.
Senator Pederson concluded: “Republican Lawmakers cannot take all the credit for the tremendous budget turnaround and there is still more work to be done, but initiatives advanced by the legislative majorities deserve significant acknowledgement and credit.”
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