Minnesota Budget Bites

The state of Minnesota’s revenue picture continues to improve, but the national economic recovery is expected to be a li...

The forecast projects a $7.7 billion general fund surplus for the current FY 2022-23 budget cycle, and a $6.0 billion structural balance for the upcoming FY 2024-25 budget cycle. These projections represent a historic opportunity to make transformational changes to build a more equitable recovery.

A surplus in the November forecast could trigger two actions: a change in the budget reserve, and a change in when retailers and vendors submit sales tax payments to the state.

Even as the state's revenues came in higher, the national economic outlook has weakened due to the spread of the delta variant of COVID-19 and supply chain disruptions. Read our take-aways and how policymakers should respond.