The latest Minnesota Budget and Economic Forecast is estimating a $1.33 billion surplus in the fiscal year 2020/21 biennium. This is attributed to a better than expected close to the last biennium, an improved revenue forecast and a small decrease to estimated spending. The reserve balance is forecast at $2.35 billion. While Minnesota’s economy and revenues continue to grow for fiscal year 2022/23 planning estimates, budget challenges remain for that biennium.
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