Minnesota Budget Bites

Recent budget reports suggest that Minnesota will likely project a larger budget surplus when the next legislative session kicks off. This in part reflects the fact that the national economy has performed more strongly this year than was previously anticipated. In October, Minnesota Management and Budget determined that the prior FY 2022-23 final general fund balance was $820 million higher than end-of-session estimates.

The State of Minnesota ended the most recent fiscal year on a positive revenue note, but the latest update shows the relatively strong national economic outlook is expected to weaken in coming years.

Both the state of Minnesota’s revenues and the national economic forecast are slightly improved compared to the February...

The State of Minnesota is projected to have budget surpluses over the next four years, according to the February 2023...