Minnesota has a projected budget surplus of $1.54 billion for the 2020-21 biennium. That’s according to the forecast released today from the Minnesota Management and Budget (MMB) office. MMB officials say Minnesota’s budget and economic outlook remains “sound, despite slower growth through the budget horizon. ” In addition, the MMB says a predicted revenue increase and lower expenditures add to an improved outlook for the current two-year budget cycle. Officials say 491-million dollars is being added to the budget reserve which now totals more than two-billion dollars. Slower economic growth is projected for the 2022-2023 biennium. Officials plan to explain the forecast in greater detail later this afternoon. And legislative leaders, Governor Dayton and Governor-elect Tim Walz are also scheduled to comment and answer questions on the forecast. The governor and lawmakers will get an updated forecast in February that will guide them through the end of the legislative session in May. You can read the full forecast here.
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