Minnesota’s Projected Budget Surplus Grows to $1.3 Billion
St. Paul, MN (KROC-AM News) - Minnesota lawmakers will return to the State Capitol next year with the luxury of a significant budget surplus.
The State Office of Management and Budget says Minnesota's budget and economic outlook have improved since the end of the previous legislative session and the state is now projected to have an over $1.3 billion by the end of the current biennium in the summer of 2021. Officials credit a stronger than expected close to the previous budget period, an improved revenue forecast, and a slight drop in state spending for the forecasted positive balance.
A news release indicates the stable budget outlook has allowed for an automatic allocation to the state's budget reserve account, which now stands at just under $2.4 billion. State officials have scheduled a late afternoon news conference to discuss the report.
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