Minnesota projected to have historic $7.7 billion budget surplus
Growth in income, consumer spending and corporate profits boosted state revenue
December 8, 2021
Minnesotans are earning and spending more than anticipated, boosting the state's budget outlook to a historic $7.7 billion surplus and triggering an avalanche of proposals for how to use the cash.
Economists' prediction Tuesday of the largest surplus in state history comes just a year and a half after Minnesota leaders were pondering a grim deficit as the coronavirus pandemic hit the United States.
"COVID-19 is still here and still dangerous, however our economy is learning how to adapt," Management and Budget Commissioner Jim Schowalter said. "With this forecast the state's ability to sustain services, to respond to emerging needs, keeps getting better."