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Historic state budget forecast presents historic opportunity

Workers in coffee shop sm
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.
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Potential state surplus could trigger reserve and tax changes

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.
  • Minnesota Budget Outlook and Trends
  • Minnesota Budget

Latest data point to opportunity – and need – to build a stronger recovery

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.
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Federal tax reforms are an essential piece of building a better future

Federal policymakers are in the midst of an essential and high stakes debate about the future of our country. More than...