Woodard: Paying Back the K-12 Funding Shift

Dear Neighbor,
 
I am thrilled to report we passed a bill on Thursday that I co-authored to fully repay last year’s K-12 funding shift. The bill also begins to address the shifts and cash-reserve crisis that we inherited from the previous majority.

Our bill (H.F. 2083) is possible in part because of the $1.2 billion in surplus that Minnesota taxpayers and businesses have generated in the last few months. I believe that providing further stabilization for the cash flows of our schools is exactly the right place to utilize these funds.

As you know we are already applying $318 million of the latest surplus funds to paying back delayed K-12 funds under current statute. This bill adds an additional $430 million from our surplus funds to fully repay last year’s shift and start whittling away at the shift that was employed in 2009.

This plan is exactly the kind of fiscal responsibility that I have been advocating as your representative in St. Paul. By reducing this obligation to our schools we also begin to address Minnesota's debt to cash reserves ratio and restore our state's credit rating and reputation. The $600 million in increased funding for K-12 education that we passed in last year's budget will be included as part of the acceleration of these payments. 

This exciting news is yet another sign our focus on fiscal responsibility is producing results and we will be working to get this bill in to the governor’s hands as soon as possible. Please join me in thanking fellow taxpayers for allowing us to put kids first and clean up our K-12 balance sheet.

This is indeed a good day for the kids of Minnesota and all Minnesotans.

Warm regards,
Kelby

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