State Releases Forecast Summary: $825 Million Surplus Available for 2014 Session

Explore:  State Budgets

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.


Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Winthrop & Weinstine, P.A. | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.