Minnesota`s Budget Agreement for 2019: What You Need to Know
On May 26, 2019, the Minnesota Legislature and Governor Tim Walz reached a budget agreement for the fiscal year 2020-2021. The agreement includes increased funding for education, healthcare, and other essential services, as well as tax relief for middle-class families. Here`s a rundown of what`s in the budget agreement:
Education
The budget agreement includes a $540 million increase in funding for education, which represents a 6% increase over the current biennium. This funding will go towards increasing the per-pupil funding formula for K-12 schools, as well as for new initiatives such as expanding early childhood education and providing additional support services for students with mental health needs.
Healthcare
The budget agreement includes significant investments in healthcare, including an increase in funding for Medical Assistance and MinnesotaCare. This funding will help to improve access to healthcare services for low-income and vulnerable populations. Additionally, the budget includes funding for mental health initiatives, including efforts to expand access to mental health services in schools and communities.
Transportation
The budget agreement includes increased funding for transportation infrastructure, including $400 million in new funding for roads and bridges. This investment will go towards addressing the state`s aging infrastructure and improving safety on Minnesota`s roads.
Tax Relief
The budget agreement includes significant tax relief for middle-class families. This includes a reduction in the state`s middle-income tax rate from 6.8% to 6.5%, as well as an increase in the Working Family Tax Credit. These measures will help to ease the financial burden on many Minnesota families.
Overall, the Minnesota budget agreement for 2019 represents a significant investment in essential services for the state`s residents. From education and healthcare to transportation and tax relief, the budget agreement is designed to improve the quality of life for all Minnesotans. As the state moves forward, this budget agreement will serve as an important foundation for future growth and development.
