Minnesota’s Anticipated Surplus Swells to $1.87 Billion
ST. PAUL (AP) - Minnesota's bank account is projected to run up a $1.87 surplus over the next two years, which will drive calls for new spending, tax cuts or most likely a mix.
The Department of Minnesota Management and Budget provided the figure Friday in an updated economic forecast. It sets the parameters for upcoming debate over a new two-year budget that Gov. Mark Dayton and the Legislature will adopt this spring.
The surplus is substantially more than the $1 billion estimated in December.
Dayton said on Thursday that he hopes to earmark some money for debt costs on a possible $850 million public works construction bill. He has also mentioned nursing homes as a beneficiary.
Republicans who run the House have signaled they'll seek a healthy chunk for tax cuts.