Today, the Minnesota Department of Management and Budget (MMB) released its quarterly economic update, showing that due to strong economic growth, the state has collected an additional $463 million above previous revenue forecasts. The education bill signed into law this session by Governor Dayton requires that this new revenue be used to accelerate the payback of funds borrowed from local school districts by previous legislatures.
"Today's report is great news for all Minnesotans, especially our schools and students," said Governor Dayton. "According to the U.S. Department of Commerce, Minnesota had the fifth-fastest growing economy in the country in 2012. Our state's strong economic growth has enabled us to work our way out of previous budget deficits and repay most of what we owed our school districts. More work remains, but we have made important progress."