State Budget Surplus Shrinks According to New Forecast

(Learfield News/St. Paul, MN) — Minnesota’s projected budget surplus for the next two years has decreased, and the projected deficit has worsened.

The state now has a projected surplus of $456-million for the next two-year budget cycle, which is $160-million lower than previous estimates.

The future projected deficit in the 2028-2029 biennium has grown from the last $5.1-billion estimate released in December to six billion dollars.

Lawmakers will continue to work with Governor Tim Walz to pass a new two-year state budget by its May 19th session adjournment deadline.