Minnesota's staggering surplus stays mostly unchanged at $17.5 billion

For the first time in 20 years, the prediction accounts for inflation in spending


February 28, 2023

Renée Jones Schneider, Star Tribune

Governor Tim Walz speaks at a news conference on the Minnesota economic and budget forecast in St. Paul on Monday.

Minnesota's staggering estimated budget surplus remained largely unchanged at $17.5 billion, with Monday's financial forecast setting up DFL state leaders to continue their push for significant new spending in the next budget.

Higher-than-anticipated tax dollars and unspent cash from years past boosted revenue projections. The latest figure would have eclipsed the previous record-breaking $17.6 billion surplus prediction from a few months ago.

But for the first time in two decades the forecast factored inflation in spending, eating up some of the revenue growth. State leaders said the move paints a more honest picture of state finances.



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