The 'AAA' rating on Minnesota's GO state bonds and other previously issued GO debt reflects: A deep and diverse economy supported by several regional economic hubs and anchored by the Minneapolis-St. Paul MSA, the center of the upper Midwest economy; Continued strong management that remains committed to structural balance and maintenance of reserves; and Moderate debt levels with rapid amortization and strong internal controls, which keep debt levels manageable. Continued strong revenue growth allowed Minnesota's 2008-2009 biennial budget to increase general fund spending by more than 9% from the previous biennium. With a projected ending balance of more than $2.1 billion for year-end 2007 (June 30)--including $1.1 billion in reserves--there was room in the state's budget for increases in many
