Minnesota State Budget Forecast Shows Improvement

(MNN)-Minnesota’s state budget outlook appears to be improving. The Minnesota Management and Budget Office released the February forecast today and it shows a larger surplus for the years of 2026-27 at $3.7 billion. This is an increase of $1.3 billion from the November forecast. However, officials say spending growth outpaces revenue growth for fiscal year 2029. The projected balance for 2028-29 is now $377 million, but the MMB warns a significant structural imbalance remains. More details are expected this afternoon when the entire budget forecast comes out.