Money and Expenses | News, Sports, Jobs
The governor said more than $1 billion is earmarked for asset preservation – the upkeep and preservation of existing public buildings. “These are assets that belong to the people of Minnesota.” Governor Tim Walz announced his plan for a $2.7 billion bail bill, which would be a new record for the state.
In addition to general obligation bonds, Walz would finance this collection with $276 million from the state’s record surplus fund. According to the Associated Press report, Walz said the surplus means Minnesota can afford to spend on the big package.
There’s more for replacing bridges and improving roads, $450 million for housing, including projects for the homeless, and money for the environment.
And that’s the problem with big surpluses. According to lawmakers and government officials, excess revenue equals more spending. There is no consideration for where this surplus came from – the excessive taxes Minnesotans paid.
We know the Governor is unlikely to get everything on his wish list. With that amount of debt, he will need the support of Republican lawmakers, especially in the GOP-controlled Senate. There will be concessions in the bail bill, perhaps with a few deals on tax cuts to help the state get its hands out of taxpayers’ pockets a bit.
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