MN Budget Deficit Turns into $1.6 billion Surplus

Today, the Minnesota Office of Management and Budget (MMB) released this summary on the 2021 February Forecast:

“Minnesota’s budget outlook is significantly better for this biennium and the next due to an improved U.S. economic outlook that is bolstered by large federal actions that have emerged since November and were not incorporated in earlier projections. There is no longer an anticipated shortfall for FY 2022-23 and we now project a positive balance of $1.6 billion because of a higher revenue forecast, lower state spending, and an increased surplus for the current fiscal year.”

To review the forecast documents, please visit this link.