SENATOR CARLA NELSON STATEMENT ON FEBRUARY FORECAST
St. Paul- Minnesota Management and Budget Commissioner Jim Schowalter announced Wednesday that the February economic forecast shows a positive budget balance of $323 million for the current biennium (Fiscal Years 2012-13). In accordance with current law, $5 million of that positive balance will be used to restore the state’s budget reserve to a total of $653 million and the remainder, $318 million, will be used to buy-down the school shift. Senator Carla Nelson (R-Rochester) gave the following statement in response to the February forecast.
“This is great news for Minnesota. Today, we learned that our approach of prudent fiscal management and measures that encourage private sector job growth are working. Minnesota’s financial house is on the path to prosperity. I’m extremely pleased that we are able to completely fill our cash flow accounts and our budget reserves and begin buying down the school shift that was part of the 2011 budget compromise. This is not time for a victory lap, this is simply a strong indicator that we are headed in the right direction,” said Senator Nelson. “Today, I am renewing my commitment to my constituents – we will continue to exercise spending restraint and promote policies that support job creators.”