ST. PAUL, Minn. (Feb. 26, 2016) — Minn. State Sen Foung Hawj (DFL-67) said the state budget forecast Friday is great news to show that Minnesota is finally out of budget deficits, but it is important to remember that the 2016 surplus does not represent ongoing revenue for the state, so we must be careful when applying it toward ongoing financial commitments.
“Today’s forecast shows us that we have the ability to make new investments in vital programs and the people of Minnesota. We should be optimistic about our ability to invest in a stronger future, but we must ensure that nobody is left behind. That means taking things a step further to support our most vulnerable populations and the everyday Minnesotans struggling to make ends meet. Because of the state’s stronger economic footing, we have the ability to find the solutions that will expand economic opportunities to all Minnesotans.”
“As recent as 2012, our state was facing a $1 billion deficit. Today, our state is projected to have a $900 million surplus. This forecast shows how the work of the last few years to pass an honest budget, without gimmicks or borrowing, has created the confidence and stability necessary for strengthening Minnesota’s economic growth.
“In addition, to ensure stable long-term economic health, we must make sure our budget reserves are robust. We currently have $1.597 billion in our budget reserve to cushion the state from future economic downturn.
Sen. Hawj is committed to working with the House and the Governor in developing a budget that evaluates all options to position Minnesota for continued economic growth and maintain the shared goal of bettering the lives of all Minnesotans.
