State budget forecast estimates $1.3 billion surplus

State budget forecast estimates $1.3 billion surplus

BudgetScrabble

Minnesota’s budget and economic outlook has improved since the end of the 2019 legislative special session, according to the Minnesota Management and Budget’s 2019 November Budget and Economic Forecast released on Thursday, December 5.

A better than expected close to the last biennium, an improved revenue forecast, and a small decrease to estimated spending create a forecast surplus of $1.332 billion in the fiscal year 2020-21 biennium.

The stable budget outlook allows for an automatic allocation to the budget reserve account, bringing the reserve balance to its statutory target level of $2.359 billion.

While Minnesota’s economy and revenues continue to grow into the fiscal year 2022-23 planning estimates, budget challenges remain for that biennium.

Visit the Minnesota Management and Budget website for more information.

 

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