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State surplus reaches nearly $18 billion
by Tre Duarte

Minnesota’s projected budget surplus is slated to reach $17.6 billion, Minnesota Management and Budget said Tuesday.

The brighter economic forecast sets the table for how much DFL lawmakers and the governor can spend on the state’s next two-year budget, and on their priorities, including a new paid family leave program, education and additional child care programs.

Lawmakers at the divided Capitol left more than $7 billion in surplus funds unspent when they closed out the 2022 legislative session in May with much of their work undone. Since then, the state has reported bringing in more revenue than economists expected month after month.

Minnesota Management and Budget Commissioner Jim Schowalter said the state was well positioned to manage a downturn. Minnesota’s rainy day funds are brimming and expected to get topped off again with surplus money, as required by law.

Still, the state, like all of America remains susceptible to headwinds beyond its borders. Russia’s Ukraine invasion, high inflation are all areas of concern, while job growth is expected to slow amid an expected mild recession.

 





 
 

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