State has projected $825 million budget surplus

State leaders will enter the 2014 legislative session with a projected $825 million budget surplus. However, caution is being urged.Those were the messages from Minnesota Management & Budget as the November Economic Forecast was released. The twice-annual forecast provides a snapshot of the state’s economy and predicts if the state should have a projected surplus or budget deficit.“This is certainly a better problem to have than the alternative,” said Gov. Mark Dayton.According to MMB, the projected balance for the 2014-15 biennium is $1.086 billion; however, the first $246 million of the balance must statutorily be used to complete repayment of the K-12 school property tax recognition shift. Another $15 million will go to the state airports fund to restore money that was first borrowed in 2008.“Paying back our schools is a victory for Minnesota kids and for our future,” said House Speaker Paul Thissen (DFL-Mpls). “In addition, our commitment to responsible budgeting is paying off. Continue Reading