ST. PAUL — The Republican Party of Minnesota says it’s making progress toward fixing its troubled finances, cutting its debt in 2013 from nearly $1.7 million to just under $1.2 million.

The party said in a statement Monday that it finished the year with $90,000 in the bank, compared with just $2,000 at the end of 2012. The party took in $2.5 million in contributions in 2013.

“The result is a better financial position than we have been in for many years,” Treasurer Bron Scherer said.

Besides fundraising, the party cited revamped operations, cost-cutting and restructured debt.

The reduced debt load comes after years of turmoil, election losses in 2012 and shrinking faith from donors, the Star Tribune reported. The retrenching included a move of the party headquarters from a building near the Capitol to south Minneapolis, where the rent is about a third of what it had been paying.

“We made good progress on many fronts this year, including financially. We still have plenty to do, but we are much better positioned for the future,” state Chairman Keith Downey said.