MN Legislator Comments on Forecasted Budget Surplus
St. Paul, Minnesota — Today, Minnesota Management and Budget released the February Economic Forecast, showing a projected positive balance of $1.6 billion for the upcoming biennium. While the forecast projects a positive balance, it includes inflation on the revenue side and excludes it on the spending side in several key areas. Inflation is estimated to be $1.042 billion. A significant portion of the positive balance is also one-time money.
Minnesota House Speaker Melissa Hortman says the forecast is good news, but it’s important to recognize that our budget doesn’t currently meet the needs of all Minnesotans.
Representative Marquart echoed a similar statement, stating that it doesn’t change the priorities of the legislature, which is to help Minnesotans recover from the pandemic.
The previous economic forecast in November estimated 1.3 billion deficit, which adds up to a nearly 3 billion change to the positive in the last 4 months.