17 October 2023
Minnesota budget officials said Monday that the state’s budget surplus is on track to be almost 50% larger than projected earlier this year.
Minnesota brought in more revenue from taxes and fees than forecast this spring and spent slightly less than expected as the 2022-23 biennium concluded. The result: a balance $820 million higher than the $1.6 billion prior projected surplus for the 2024-25 biennium, Minnesota Management and Budget reported in its end-of-fiscal-year analysis.
The extra funds are set to be added to the state’s surplus for the next budget cycle, though the exact size of any surplus won’t be announced until early December.
State officials earlier this year said their two-year projected budget 2022-23 surplus — estimated at $17.5 billion in February — was testimony to the fact that Minnesota had withstood the challenges posed by the COVID-19 pandemic and outpaced the U.S. economy overall.
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