Minnesota's projected budget surplus balloons to nearly $9.3 billion
The economic implications of the war in Ukraine remain to be seen
March 1, 2022
Minnesota's predicted budget surplus has ballooned to a record of nearly $9.3 billion, driven by increased income tax collections, corporate profits and consumer spending.
But finance officials cautioned Monday that inflation and the global financial aftershocks of Russia's attack on Ukraine could change the state's budget outlook.
"Sometimes it's hard to even anticipate what's going to happen next month, much less next year," said Minnesota Management and Budget Commissioner Jim Schowalter.