State officials predict $1 billion budget surplus
Published 10:19 am Thursday, December 5, 2013
ST. PAUL — Minnesota finance officials are predicting a state budget surplus of more than $1 billion.
That estimate released Thursday means the state can fully pay the remaining IOUs to public schools that piled up during tougher budget times. And it leaves $825 million left for lawmakers to work with during their election-year session.
The Department of Minnesota Management and Budget’s comprehensive review of tax-and-spending patterns will help set expectations for the session that starts in February.
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Gov. Mark Dayton and lawmakers from both parties planned to address the report at news conferences.
The report has an immediate impact for schools, which will receive $246 million in payments that had been previously deferred. The state is also replenishing an airport account from which lawmakers diverted $15 million five years ago.