Minnesota’s Budget Picture Brightens in New Forecast

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MINNEAPOLIS (AP) — Minnesota is now facing a $641 million projected surplus in its current budget, but officials are cautioning that the state is facing a projected $1.273 billion shortfall for the two-year budget period that begins July 1.

That’s a substantial improvement from state’s last budget forecast, which was released in May as the coronavirus pandemic was taking hold.

At the time, Minnesota Management and Budget projected a $2.4 billion deficit in this budget cycle and a $4.7 billion shortfall in the next.

The agency says higher general fund revenues and lower expected spending resulted in the improved outlook.

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