Minnesota expecting $17.6 billion budget surplus

ST. PAUL, MN -- Minnesota state economists announced Tuesday morning they are expecting a $17.6 billion budget surplus.

Minnesota Management and Budget officials released the November 2022 Budget and Economic Forecast Tuesday, outlining the expected budget surplus for the current biennium that ends June 30, 2023.

“Strong collections and lower-than-projected spending add to the FY22-23 surplus. Economic headwinds lower expected growth but large leftover surplus and healthy net revenues in FY24-25 create estimated $17.6B available for budget,” according to the state’s website.

A forecast expected to be released in late February will provide more updated numbers to help legislators and the governor to finalize their plans for spending in the 2024-25 biennium that begins July 1, 2023, according to the Minnesota State House of Representatives spokespeople.

After failing to agree on many spending differences during the 2022 session, the Legislature left an estimated $7 billion on the books.

Since then, monthly state revenue estimates have continued to better expectations, House of Representatives leaders wrote.

For the first time in years, DFL’ers have a trifecta at the Minnesota Capitol, meaning the party controls the Governor’s office, state House, and state Senate.