On Thursday, February 27, Minnesota Management and Budget announced that the state’s projected surplus for FY2020-21 has grown to $1.5 billion, up from $1.3 billion in November 2019.
On Thursday, February 27, Minnesota Management and Budget announced that the state’s projected surplus for FY2020-21 has grown to $1.5 billion, up from $1.3 billion in November 2019. The February Budget and Economic Forecast sets the stage for spending and tax decisions this legislative session. Governor Walz will recommend a supplemental budget to the legislature in early March.
Last week, President Gabel joined students and University leaders at the State Capitol to present the University of Minnesota’s 2020 capital request to the House and Senate Higher Education Committees and the House Capital Investment Committee. President Gabel emphasized the University’s commitment to serving the state. She noted the University must have world-class facilities to match our ambitions and those of our students, faculty, and staff. Robust state support, the president argued, is the best way to make that possible. The University currently has a $4.8 billion 10-year deferred renewal need.
The Board of Regents is requesting $317.2 million in capital investment from the legislature and governor this session. In January, the governor recommended $224.2 million for the University. The House and Senate will propose their own bonding bills in the coming weeks, and the three groups must reconcile any differences before the end of session, in May.
On March 26, students, faculty, staff, and alumni will gather at the State Capitol for Support the U Day. The rally begins at 1 p.m., followed by meetings with legislators in support of the University’s capital request. The afternoon concludes with an ice cream social with legislators and staff. Learn more about Support the U Day.