Minnesota Senate Media Services
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Clips - $1.3 Billion Dollar State Surplus Projected
Posted
December 5, 2019
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December 5, 2019
54
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3.70%
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4:05Now PlayingState policymakers received good economic news with the announcement that Minnesota’s state budget has a projected state surplus of $1.332 billion dollars in the current 2020-2021 biennium. Minnesota Management Commissioner Myron Frans outlined the news at a state press conference Thursday, December 5.
According to state budget officials, the surplus allows for additional money to be deposited in the state’s reserve account, bringing the total reserve to $2.359 billion dollars, which reaches the state’s reserve goal. Risks to the accuracy of the forecast include consumer confidence, uncertainty with trade policy, a slowdown in business investment and geo-political events.
“This forecast is an indication of Minnesota’s strong economic fundamentals, but I would not be a thoughtful budget commissioner if I failed to mention that we need to be careful in planning and our decision making to ensure that we maintain budget stability going forward,” cautioned MMB Commissioner Myron Frans.
Following the forecast, Governor Tim Walz and legislative leaders responded to the projections, with some lawmakers expressing reservations about long term spending changes, while others called for further tax relief for Minnesotans.
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