Minnesota Management and Budget (MMB) released aggregate economic forecast numbers this morning. The total surplus announced, before subtractions for past shifts, is $1.086 billion for fiscal years 2014-15. After the repayment of these shifts, the surplus is $825 million.
Current statute requires that any announced surplus must be used to repay the K-12 shift. The first $246 million of the surplus balance was used to complete repayment of the K-12 school property tax recognition shift. After this repayment, the state airport fund was repaid the $15 million borrowed from it in 2008.
The $825 million surplus will change when MMB releases another economic forecast at the end of February 2014. Governor Mark Dayton has said he will wait until after this forecast before he releases his 2014 Supplemental Budget.
