ST. PAUL – State economists have unveiled their most recent fiscal forecast projection, and the amount - $1.65 billion - is actually higher than previously expected.
"We gained $250 million from the previous projection, so our economic forecast remains favorable,” Hamilton said. “Now we have to determine what to do with this surplus.”
Hamilton said reasons for the rising surplus number include greater than expected income and corporate tax collections. Things are also looking good for the next budget cycle as well, as current projections show a $2.12 billion surplus over that biennium.
Hamilton said the surplus presents lawmakers with a number of opportunities.
“I think it would be wise to pass a tax bill and provide tax relief for property owners and other hardworking Minnesotans,” Hamilton said. “We should also take a look at funding for health and human services and education, and of course transportation, which is always a priority.”