When is less more?
Session Daily reports in State's projected budget surplus drops to $17.5 billion:
The state's financial situation remains about the same.
Minnesota Management and Budget officials released the February 2023 Budget and Economic Forecast Monday, saying the state's expected budget surplus has dropped a hair to $17.5 billion.
The November forecast showed a $17.6 billion surplus.
The forecast provides the most recent snapshot of the state's financial health. Lawmakers will use it to make budgeting and policy decisions during the remainder of 2023 legislative session, which must end by May 22.
”Minnesota budget and economic outlook stable with $17.5 billion balance projected for next biennium, mostly leftover from current biennium. Individual income and corporate franchise tax forecast up, offset by inflation. Revenues forecast to exceed spending through FY2027, “ according to a statement.
As MinnPost's Peter Callaghan tweeted:
Minnesota budget office reports the state has a $17.5 billion surplus which it calls stable from last forecast. But it is actually a significant increase since inflation has now been dropped into the spending estimate - a $1.5 billion difference. pic.twitter.com/ppOKm8PhZd
— Peter Callaghan (@CallaghanPeter) February 27, 2023
Photo: Lawmakers have a $17.5 billion budget surplus to work with while crafting the 2024-25 biennial budget. (House Photography file photo).
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