Recently Minnesota taxpayers received good news. Moody’s Investors Service, a national rating agency, has revised Minnesota’s financial status, from a "negative" to "stable" outlook. This of course is great news because it affirms the positive economic foundation we built during the 2013 legislative session.
The report had this to say about Minnesota:
Minnesota’s rating outlook has been revised to stable reflecting the state’s strong financial management that has resulted in improved revenue performance, replenishment of budget reserves, and budget balancing solutions that are largely recurring. Moody’s expects that the state will continue to exhibit sound financial practices that will lead to further improvement in the state’s overall balance sheet.
In addition, the report cited a number of strengths:
• Strong economic fundamentals, including relatively diverse employment mix and high wealth
• Economic and revenue forecasting incorporating multi-year revenue and expenditure projections
• Rebuilding of budget reserves to statutory maximum
The report also stressed the importance of keeping our long-term fiscal house in order. If we allow Washington-style gridlock to return to the Capitol, Moody’s warns our credit rating could go down.
I am committed to making sure Minnesota continues to have a firm foundation and look forward to working with Gov. Mark Dayton and the DFL House of Representatives to continue this trend.
Barb Goodwin, State Senator