St. Paul, MN (NNCNOW.com) --- $150 million was put in Minnesota's state budget reserve today bringing the reserve total to $811 million. This is the largest reserve that Minnesota has ever had.
"This action is a substantial step towards additional budget stability and prudent financial management for the state," Minnesota Management and Budget (MMB) Commissioner Jim Schowalter said.
The State Legislature decided this year that one third of the state's budget should go into the reserve fund.
"We turned a $6.2 billion deficit into a surplus, repaid all the $2.8 billion previously borrowed from our schools, made important new investments in education and job creation, and increased the reserve to its highest level in history," Governor Dayton said.
MMB expects the reserve's budget to be at $603 million from 2016-2017. If you would like to view a full end-of-session budget summary, please click here.