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Of the projected $17.5 billion surplus, $12.5 billion could be characterized as “onetime money,” while $5 billion is part of the state’s structural balance, i.e. money available for recurring budget outlays. But Kalambokidis warned of possible changes that could alter the state economy’s path. Inflation could rise more than expected, perhaps inspiring the Federal Reserve to raise interest rates even further. There could be changes in federal monetary policy, as well as volatility in corporate profits and capital gains. And the debt ceiling impasse in Congress could cause a much deeper recession if the U.S. defaults on its financial obligations.

“We’ll have to be careful,” Schowalter said.

“But, looking forward, we still see a rough parity between our revenue growth and our spending growth. It’s a great position for the state to be in.”

“This is good news for Minnesotans,” said Gov. Tim Walz. “Having a highly educated workforce has allowed us to create an economy that allowed us to weather some of the most challenging times in our nation’s history over the last three years.”

The governor pointed to annual job growth in the state as being one of the most important facets of the forecast.

House Speaker Melissa Hortman (DFLBrooklyn Park) spoke to how she sees her caucus responding to the forecast.

“House DFLers all zip codes have access to apprenticeships and goodpaying job opportunities.

Minnesotans across the state value and care about: investing in public education, making health care more affordable, and building an economy that works better for everyone,” she said in a statement. “Minnesota is a great state, but it can be even better, and our state’s prosperity can and should reach more people.” In her statement on the forecast, House Minority Leader Lisa Demuth (R-Cold Spring) pointed to its inclusion of inflation. “While inflation hasn’t hurt government tax revenue, it has significantly hurt Minnesotans’ buying power,” she said. “It’s time to get serious about giving the surplus back to the taxpayers so they can afford their lives in the face of historic inflation driving up the cost of basic necessities.”

Vice President Kamala Harris have proven this time and again by delivering federal resources. Thanks to the historic Infrastructure Investment and Jobs Act, Inflation Reduction Act, American Rescue Plan, and executive orders signed by the president, historic investments are being made in cities like Atlanta – and everybody has a shot at participating and benefiting from these investments.

This month, Vice President Harris joined me in Atlanta to celebrate federal dollars coming to electrify Atlanta-area school buses. We’re moving away from the hazardous fumes of diesel school buses, which are disproportionately used in underserved communities, toward cleaner energy that’s better for the environment and better for our children’s health. And with these investments, we’re ensuring Atlantans in

These investments are just the beginning when it comes to ensuring all of Atlanta participates in our economy. Within days of taking office, President Biden signed an executive order which requires the federal government to live up to the Justice 40 Initiative. Justice 40 is an effort to ensure that at least 40 percent of certain federal investments go to communities that have faced a disproportionate burden of environmental harms and pollution. That means more improvements and more jobs in our communities.

Plus, thanks to the Biden-Harris Administration working alongside Sen. Ossoff, Sen. Warnock and Rep. Williams, Atlanta will receive $30 million to improve safety along Pryor Street and Center Avenue through the Safe Streets and Roads for All Program. This program will allow the city to hire workers from our communities to build protected bike lanes and pedestrian facilities, making the area safer and more accessible while connecting the Southside and the Southside Beltline. This is in addition to $40 million delivered to upgrade HartsfieldJackson Atlanta International Airport and millions of American Rescue Plan funds the City has already put to work on pre-arrest diversion services, combatting homelessness, job training and so much more. We have a lot more work to do before every family in Atlanta has the same access to economic mobility, but change is happening right now – and a lot of that progress is due in large part to the priorities of the Biden-Harris Administration. Here’s the bottom line: as mayor, my job is to show up and deliver. President Biden and Vice President Harris make that job easier – they are providing the resources to create jobs, contract with women and minority-owned firms, and make real improvements in our communities. In the cradle of the civil rights movement, we’re benefitting from allies in the White House who are laser focused on economic empowerment.