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$2.4 Billion Surplus Expected in State Budget
On October 26, 2023 by Kayla Khang
Minnesota is predicted to enter the 2024 legislative session with a $2.4 billion surplus based on state officials' most recent revenue report.
State Budget Surplus Now More Than $9 Billion
On March 3, 2022 by Jeff Bostic
The Minnesota Office of Management and Budget (MMB) released the February budget forecast earlier this week. This budget will guide lawmakers as they determine their spending priorities in the current legislative session. Since the last forecast in November, the budget surplus for the two years ended June 30, 2023, has grown by $1.5 billion to a historic $9.25 billion.
State Budget Forecast Shows Improved Financial Picture
On December 2, 2020 by Jeff Bostic
Earlier this year, the state produced two special budget updates to look at the impact of the COVID-19 pandemic on the state’s economy. Those updates showed disturbing projected budget shortfalls of $2.4 billion for the current biennium and $4.7 billion for the biennium starting July 1, 2021. Since that time, state revenue collections have exceeded expectations and the budget looks more positive.
State Budget Update Shows Huge Deficit Due to COVID-19 Impact
On May 5, 2020 by Jeff Bostic
The State of Minnesota yesterday released an unusual budget update to measure the impact of the COVID-19 pandemic on the state budget. As anticipated, the economic slowdown tied to the COVID-19 response is projected to have an enormous impact with the state now anticipating a deficit of $2.4 billion for the biennium.