Minnesota Projects Surprising $641 Million Budget Surplus
Minnesota is facing a surprising $641 million projected surplus in its current budget. That means money is available for coronavirus relief.
But officials caution that the state still faces a $1.3 billion shortfall for its next budget. That is relatively small compared with an overall budget that’s likely to come in around the $50 billion range.
The projections are a welcome turnaround from a forecast released in May as the pandemic was taking hold. The old forecast projected a $2.4 billion deficit in the current budget and a $4.7 billion shortfall in the next.
The new forecast is expected to spur negotiations among Gov. Tim Walz and legislative leaders on an aid package lawmakers could approve in a special session.