MN budget surplus dips to $17.5M

Minnesota’s budget surplus has decreased…slightly.

Minnesota Management and Budget officials released the February 2023 Budget and Economic Forecast today (Mon), saying the state’s expected budget surplus has slipped to $17.5 billion.

That’s down from the November forecast, which showed a $17.6 billion surplus.

The forecast provides the most recent snapshot of the state’s financial health. Lawmakers will use it to make budgeting and policy decisions during the remainder of 2023 legislative session, which must end by May 22.

A statement from MMB says the state’s ”budget and economic outlook (are) stable with a projected $17.5 billion balance for the next biennium, mostly left over from the current biennium. (The) Individual income and corporate franchise tax forecast (is) up, offset by inflation. Revenues are forecast to exceed spending through fiscal year 2027.”

DFL leaders have not said if they plan to support Gov. Walz’s proposed tax rebates. GOP leaders plan to announce their own proposal on Tuesday.