February Budget Forecast Shows $1.2 Billion Surplus

February Budget Forecast Shows $1.2 Billion Surplus
(St.Paul, MN) -- Minnesota's expected budget surplus has grown about 50 percent since the November economic forecast. The February budget forecast shows the state has a surplus of one-point-two-billion dollars for fiscal years 2014-2015. That's up about 400 million dollars from November and presumably due to the improving economy. Lawmakers now have to decide what to do with the extra money, the kind of problem they like to have during an election year. Governor Dayton has proposed middle-class tax cuts plus repealing three business-to-business taxes, which would use about 850 million dollars of the surplus. House Democrats have proposed a similar but slightly more modest package.