$1B Surplus in State Budget Predicted – Updated

Minnesota’s budget surplus is expected to rise to approximately $1 billion for the next fiscal year, according to a prediction by Gov. Tim Pawlenty.

The state’s economic report, which covers the relative health of the economy as well as the budget outlook, is due out today.Despite the rosy economic outlook, Pawlenty was cautious in his statement.

“We will spend money on priorities with accountability like education, like property tax relief, like higher ed tuition issues and others.  But I’m not going to stand by and say it’s party time let’s just blow the budget again. We’re going to be responsible with this,” said Pawlenty, according to an MPR report.

Speaker-designate Margaret Anderson Kelliher (DFL-Minneapolis) seemed to agree.

“I think that it’s really important for us as newly in the majority to be able to look at our priority areas and focus on those, and also be able to look at new ideas and maybe explore those new ideas, but not necessarily rush into a funding situation of some of them.”

Update: Exact Surplus and update here