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

Minnesota's projected budget surplus balloons to nearly $9.3 billion

The economic implications of the war in Ukraine remain to be seen


Renee Jones Schneider, Star Tribune

Gov. Tim Walz spoke about the new budget forecast Monday at the Minnesota Department of Revenue building in St. Paul.

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.


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