Minnesota has a $1.086 billion positive balance projected for the FY 2014-15 biennium. This good news in the 2013 November Economic Forecast released today means Minnesota will finish repaying past debts – including $246 million to fully reverse the school funding shift and $15 million to refill the state airports fund.
That will leave $825 million on the bottom line as we head into the 2014 Legislative Session.
Minnesotans will soon feel the full force of the across-the-board federal cuts to critical services known as the sequester, according to a new report from the Center on American Progress. Many measures used to soften the blow of sequestration have been exhausted as we enter the 2014 federal fiscal year.