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Health & Fitness

School Shift Fully Repaid Thanks to Rosy Economic Outlook

As Minnesota's economy continues to grow—with nearly 50,000 people going back to work over the past year—our state is facing a projected budget surplus of over $1 billion.

As Minnesota’s economy continues to grow—with nearly 50,000 people going back to work over the past year—our state is facing a projected budget surplus of over $1 billion.

The rosy economic outlook means that state lawmakers have accomplished one of our top priorities: repaying the money previously borrowed from Minnesota’s schools—an unpopular gimmick used to balance the state budget known as the “school shift.”

This is possible thanks to legislation accelerating repayment that my colleagues and I included in the new state budget we passed during the 2013 Legislative Session. The legislation prioritized any surplus to first pay off the school shift.

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With the $2.8 billion that was borrowed from Minnesota’s schools fully repaid, our state is on sound fiscal footing for the first time in years. This is great news for our kids and our communities.

Lawmakers turned away from the unpopular gimmicks and shifts of the past and moved our state forward in a new direction by balancing the state budget this year in a way that was honest, fair, and transparent.

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This approach allowed us to make investments that grow the middle class, like preschool scholarships, all-day Kindergarten, a two-year tuition freeze for undergraduate students attending Minnesota’s public colleges and universities, and bigger property tax rebates for homeowners and renters.

The projected budget surplus shows that our sound fiscal management is paying off. Minnesota is well positioned to become a national economic leader. Right now, our unemployment rate stands at 4.8 percent, one of the lowest rates in the nation.

I’m hopeful that we’ll continue making more economic progress in 2014 when we stay focused on priorities that Minnesotans broadly share, like our children’s education, job creation, and middle class property tax relief.

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