November economic forecast: $1.54 billion surplus projected
The Office of Minnesota Management and Budget (MMB) released the state’s November budget forecast today, which projects the state budget to have a $1.54 billion surplus for the next biennium (2020-2021), which begins on July 1, 2019.
Additionally, $491 million will be put into the state’s budget reserve in accordance with state law, which now totals $2.075 billion. Slower economic growth is projected to continue into the 2022-23 biennium, resulting in a slowdown in forecast revenue growth, leaving forecast revenues exceeding base expenditure estimates by only $456 million for that biennium.
Another budget forecast will be issued late February, which fine-tunes the November’s forecast with more recent data. State legislators will rely on the February forecast numbers to craft the two-year state budget.
Further details about the November economic forecast can be found on the MMB Web site .
The upcoming legislative session is scheduled to begin on Tuesday, January 8, 2019.
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