Minnesota Reports Extra $1.8 Billion in Surplus in May Budget Forecast
Every year, the state uses a budget forecast to determine how much the legislature will have to work with for the two-year cycle. Currently, the state sits at a $3.77 billion surplus.
The state does the forecast on the 10th of each month to see where the state is financially. In November, the state’s forecast showed a $1.6 billion surplus. In the month of May alone, the state reported an additional $1.8 billion in surplus.
Although this is just a forecast, it’s a good sign for Minnesota, especially when considering how the last year was riddled with financial struggles related to COVID-19.