State of Minnesota Projects $1.3 Billion Budget Surplus for 2020-21
The money will be allocated to the budget reserve account.
ST. PAUL, Minn. (FOX 9) – The state of Minnesota projects a $1.3 billion budget surplus in the fiscal year 2020-21.
The Minnesota Management and Budget office released the forecast Thursday morning showing an economic outlook that “has improved since the end of the 2019 legislative special session.”
The forecast showed an improved revenue forecast for the state and a small decrease in estimated spending, which both contributed to the surplus.
The department called the budget forecast “stable,” allowing the state to allocate the money to the budget reserve account, bringing it to $2.359 billion.