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Budget & Economic Forecast

Twice each year we prepare the Budget and Economic Forecast as required by Minnesota law. The November forecast is used to set the starting point for the budget, and is the basis for the Governor’s recommendations. The February forecast incorporates additional data and is used by the Legislature and the Governor to set the enacted budget or to ensure that enacted budgets remain on track and in balance. Forecast information is also used by bond rating agencies and other financial analysts to review the state's financial health, and by the media who present information on the state's financial condition to the public.

Banner_B&EFLatest: February 2014 Budget & Economic Forecast 

February 28, 2014

>>  Read Forecast At A Glance (pdf)   

>>  Read Complete Document (pdf)   

A stronger U.S economic outlook is mirrored in Minnesota’s economic and budget forecast. Positive year-to-date revenue collections combined with ongoing improvement in Minnesota’s economy contribute to higher projected revenues for the remaining 16 months of the current biennium.


Forecast revenues are up $366 million compared to previous estimates, largely due to projected increases in income and sales tax collections. Forecast spending is down $48 million due in part to savings in K-12 education aids and property tax refund programs. After transferring $6 million to the stadium reserve, these changes leave a projected $1.233 billion balance for the current biennium.

Supplemental Material

>>  News Conference Handout (pdf)

>>  Minnesota Economic Forecast

>>  Supporting Budget Documents

>>  Additional Budget Data

Related Publications

>>  Latest Revenue & Economic Update

>>   November 2013 Budget & Economic Forecast (pdf)

>>  February 2013 Budget & Economic Forecast (pdf)

>>  Forecasts & Updates Library

Watch: Press Conference on February 2014 Budget & Economic Forecast

February 28, 2014

>>  Video Gallery