1/7/2013 12:20:00 PM State is paying back
local school districts
Today Minnesota schools will see dollars sooner than expected because of the sound and responsible budgeting in 2011. Through prioritized spending and without increasing the tax burden on hardworking Minnesotans, Republicans turned a $6.2 billion projected budget deficit into a $2.5 billion budget surplus for 2012-13.
About a billion dollars of the surplus replenished the state's budget reserves and cash flow account. The remaining $1.6 billion in surplus funds paid off the school shift that was part of the 2011 budget compromise and is beginning to pay back the debt to schools borrowed by the DFL in 2010. School districts received a scheduled payment on December 15th and will receive another payment today, Friday, December 28th.
This shows what can be done with hard work, reforming government, setting priorities, setting Minnesota on the right path. Two years ago, we balanced the budget without billions in new taxes, and Minnesota deserves a continued sound approach to our budget. If we do so, we can pay back the remainder of the school shift, while growing jobs and getting people back to work.
School districts in my area will receive the following amounts from the most recent $1.3 billion in school shift payback:
The shift payback amounts will be included in the regularly scheduled payments.