ST. PAUL, Minn. (AP) — Political gridlock might have paid off for a change in Minnesota.
Lawmakers learn Thursday how much money has piled up in state coffers and how much more is expected to materialize in coming months. Minnesota finance officials are releasing a highly anticipated economic forecast that will begin calibrating expectations for the 2016 session.
Last spring, a Legislature with split-party control and Democratic Gov. Mark Dayton failed to reach accord on some substantial initiatives. That meant that more than $850 million went unspent.
The forced thriftiness combined with stronger-than-expected tax collections should mean a projected budget surplus will zoom well above $1 billion.
By law, one-third of any surplus will automatically be put into the state’s rainy-day budget reserves.
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