Minnesota Management and Budget (MMB) today released its 2018 November Budget and Economic Forecast — which projects a $1.54 billion surplus for the state’s budget for fiscal years 2020-2021.
According to MMB:
Minnesota’s budget and economic outlook remains sound, despite slower growth through the budget horizon. A revenue forecast increase and lower base expenditure estimates add to an improved outlook for the current biennium leaving an estimated $1.544 billion balance available for the FY 2020-21 budget. Statutory allocations, partially resulting from the improvement to the current biennium, add $491 million to the budget reserve which now totals $2.075 billion. Slower economic growth is projected to continue into FY 2022-23, resulting in a slowdown in forecast revenue growth. This leaves forecast revenues exceeding base expenditure estimates by only $456 million for that biennium.
“If these projections hold out until the next budget forecast in February, it is good news for the state’s education priorities — the formula, special education and school safety,” MSBA Executive Director Kirk Schneidawind said.
Visit https://mn.gov/mmb/forecast/forecast to access the Complete Budget and Economic Forecast Document and other related materials.
Source: Minnesota Management and Budget