K-12 Shifts To Be Completely Repaid, Including $15 Million Borrowed From Aviation Trust Fund
ST. PAUL, MINN. – Changes in forecast general fund revenue and expenditures for the current biennium have increased the projected balance for fiscal year 2014-15 to $1.086 billion. As in recent forecasts, current law requires any forecast balance be used to repay K-12 shifts. The first $246 million of the balance will be used to complete repayment of the K-12 school property tax recognition shift. Additionally, $15 million will be transferred to the state airports fund, restoring money originally borrowed in 2008. This forecast completes repayment of accounting shifts from prior budget solutions, reducing the forecast balance to $825 million.