Minnesota Senate Media Services
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State Officials Release Minnesota Budget Forecast - 12/02/16
Posted
December 2, 2016
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December 2, 2016
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33:53Now PlayingMinnesota state policymakers will be facing a $1.4 billion dollar surplus when their budget planning begins for the coming biennium. The November Budget and Economic Forecast was released to the public at a press conference Tuesday, December 2.
The report projects a $1.4 billion dollar balance for FY 2018-19. The current biennium, FY 2016-17, is now projected to end with a balance of almost $1 billion dollars, of which $334 million dollars will be transferred to the budget reserve. According to budget officials, the reserve balance will reach $1.9 billion dollars, close to the recommended $2 billion dollar reserve fund target.
MMB Commissioner Myron Frans remarked that, while boring, the forecast reflects sound fiscal management, year after year, and that the budget remains stable. The state of Minnesota uses macroeconomic consultant IHS Markit to help prepare reports. The IHS outlook used for the November forecast was released on November 7, and therefore does not reflect possible changes in post-election US policy.
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