Minnesota’s Budget Surplus Balloons to Over $9.2 Billion
ST. PAUL -- Minnesota's already record-breaking budget surplus continues to grow.
The Minnesota Management and Budget Office released its latest budget forecast Monday with a forecast improvement of over $1.5 billion for the current biennium. The state's revised projected general fund surplus is now at over $9.2 billion, up from $7.7 billion in the last forecast.
The state says a higher income, consumer spending, and corporate profit has resulted in an improved revenue projection, while spending is slightly lower in E-12 education and Health and Human Services.
However, uncertainty due to inflation and the conflict in Ukraine pose a risk to the budget and economic outlook.