RELEASE: Budget Outlook Improves; $1.65 Billion Balance Expected for Upcoming Biennium

For Immediate Release
February 28, 2017

Budget Outlook Improves; $1.65 Billion Balance Expected for Upcoming Biennium 

SAINT PAUL – Minnesota’s budget and economic outlook improves, but significant risk remains. Increased forecast revenue projections are partially offset by increased spending estimates. The current biennium is now projected to end with a balance of $743 million. General fund revenue growth continues into FY 2018-19. As a result, a $1.65 billion balance is projected to be available for the upcoming FY 2018-19 biennial budget. The positive budget outlook continues into the FY 2020-21 biennium, however federal policy unknowns create significant risk for this forecast.

For more information on the state’s budget and economic forecasts, visit the Minnesota Management and Budget website.

The 2017 February Budget and Economic Forecast documents will be posted online around 10:45 a.m.

At 11:15 a.m., MMB Commissioner Myron Frans, State Economist Dr. Laura Kalambokidis, and State Budget Director Margaret Kelly will present the State of Minnesota February Budget and Economic Forecast this morning in room 15 at the state capitol.

 

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Contact: Keith Hovis, Minnesota Management & Budget
Director of Communications
651-259-3666, Keith.Hovis@state.mn.us