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SCHOOL SHIFT PAYBACK BENEFITS SCHOOLS & STATE

I would like to thank Representative Yvonne Selcer for authoring House File 1 to end the school funding shift.  On October 15, 2013, Eden Prairie schools received $701,090, Minnetonka schools received $708,438, and Hopkins schools received $545,723.  To date, Minnesota has now repaid nearly $2.6 billion of the $2.8 billion shifted away from schools during previous budget cycles. These payments will be ongoing until the shift is fully repaid sometime early next year.

In accomplishing this important goal, Representative Selcer was concerned that no new undue tax obligation be added for our community members. The fiscally prudent method that was passed involved accelerated payments using surplus revenues.

The major credit rating agencies are noticing that in the most recent budget cycle legislators stopped using accounting gimmicks and unsound financial practices such as fiscal shifts and bonding to pay bills to balance our state’s budget, and are now acting in a fiscally responsible manner.

One such agency, Fitch, has upgraded our state's bond outlook from "negative" to "stable".  You can review that report at http://www.businesswire.com/news/home/20131015007004/en/Fitch-Rates-Minnesotas-768MM-GOs-AA-Outlook

If we as a state can regain our top credit rating through wise budget decisions, fewer of Minnesotans' hard-earned tax dollars will go to interest payments, and more will be available for important investments in vital areas such as education and tax relief.

We are fortunate to have Representative Yvonne Selcer working on our behalf.  

Stan Berris

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