State of Minnesota Releases 2019 November Budget and Economic Forecast
St. Paul—Today, Minnesota Management and Budget (MMB) released the 2019 November Budget and Economic Forecast. Minnesota’s budget and economic outlook has improved since the end of the 2019 legislative special session. A better than expected close to the last biennium, an improved revenue forecast, and a small decrease to estimated spending create a forecast surplus of $1.332 billion in the fiscal year 2020-21 biennium. The stable budget outlook allows for an automatic allocation to the budget reserve account, bringing the reserve balance to its statutory target level of $2.359 billion. While Minnesota’s economy and revenues continue to grow into the fiscal year 2022-23 planning estimates, budget challenges remain for that biennium.
MMB Commissioner Myron Frans, State Economist Dr. Laura Kalambokidis, and State Budget Director Britta Reitan will present the forecast at 11:15 a.m. today at the Department of Revenue, Skjegstad Room (2000), 600 Robert Street North, in St. Paul, Minnesota. After presenting the forecast, they will be joined by Governor Tim Walz.
Note: We will post full forecast documents today around 10:45 a.m. To receive this information:
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