Budget Surplus Creates Breathing Room

St. Paul, Minnesota, February 29, 2012 - The $323 million state surplus announced today means the Legislature does not need to make any adjustments to the state budget this session, according to the Minnesota Budget Project. It does mean the next Legislature will deal with a $1.1 billion shortfall in the next biennium.

“Today’s news should be viewed in the long term, when the state faces a budget shortfall,” said Minnesota Budget Project Director Nan Madden. “A surplus is certainly good news in the short term, but the Legislature faces a big job in 2013.”

Madden said when the Legislature returns next year, it needs to take a balanced approach, including raising revenues fairly, in order to sustainably fund services that Minnesotans want and value.

“The Legislature will have the opportunity to pass a responsible budget that funds our priorities with permanent solutions, not more gimmicks or one-time fixes,” said Madden.

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