Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Minnesota's economic forecast shows $641 million surplus for current budget

 

December 2, 2020

Glen Stubbe – Star Tribune

The Minnesota Legislature met in special session Monday, July 13, 2020, in St. Paul, Minn.

Minnesotans are spending more than expected and state government is spending less, leading to a financial about-face Tuesday as economists predicted that a state budget deficit had flipped to a $641 million surplus.

State leaders went from figuring out how to patch a hole in the current budget to anticipating some extra dollars, which could be used for priorities like COVID-19 relief. Still, budget officials warned the ongoing pandemic and other factors make the state's financial picture more uncertain than usual.

Tuesday's forecast also looks ahead to the next two-year budget cycle, which starts July 1. Planned spending appears likely to exceed revenue in coming years, leading to a forecast $1.27 billion gap in the next budget. But that shortfall is far smaller than expected seven months ago.

https://www.startribune.com/state-economic-forecast-shows-641m-budget-surplus-for-20-21/573247871/

 

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