Torkelson Talks Budget Surplus 02 Dec 11

State officials on Thursday announced that Minnesota has a projected budget surplus of $876-million for the current biennium, which ends on June 30th, 2013. This is in contrast to the $5-billion deficit announced a year ago. State Representative Paul Torkelson says much of the financial turnaround can be attributed to the budget-cutting measures approved by the legislature in 2011. Torkelson says lawmakers are working on more reforms aimed at making state government more efficient. The newly-announced surplus is already spent, according to state law. A total of $255-million will be used to fully restore Minnesota’s cash flow account, and the remaining $621-million will be placed in Minnesota’s budget reserves.