Minnesota Budget Forecast Brings $1.9 Billion In Good News
ST. PAUL (AP) - Minnesota finance officials are projecting a nearly $1.9 billion state budget surplus over the next 19 months.
An economic forecast released Thursday details state finances and estimates the money the Legislature will have to spend next year. It is certain to touch off new calls for tax cuts as well as additional spending on priority programs.
By law, one-third of the excess money is automatically shifted into the state's rainy-day reserves. That means about $1.2 billion may be spent if lawmakers can agree on how.
The surplus comes from factors including higher tax collections than expected. The Legislature and Gov. Mark Dayton had also left $865 million unspent in the last session.
The forecast also looks at spending patterns and economic conditions expected for years into the future.