Projected state budget forecast for 2016-17 shows $1.037 billion available

Projected state budget forecast for 2016-17 shows $1.037 billion available

Source: Minnesota Management & Budget

Actual revenue and expenditures for fiscal year (FY) 2014, combined with revised forecasts for FY 2015, increased the projected balance for the current 2014-15 biennium from $32 to $556 million. A new state law directs $183 million of this to the state’s budget reserve, leaving a $373 million budgetary balance for 2014-15.

The FY 2016-17 forecast shows a total of $1.037 billion available for upcoming budget. FY 2016-17 revenues are now forecast to be $41.880 billion, a 6.4 percent increase over the current biennium. Forecast current law spending is $41.243 billion, 4.8 percent above FY 2014-15. Both are lower than previous projections. The $373 million ending balance for FY 2015 is added to resources for the next biennium — resulting in a $1.037 billion balance.

The full Budget and Economic Forecast is available online at http://www.mn.gov/mmb/forecast/forecast.

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