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Budget and Economic Forecast November 2019


Latest: November 2019 Budget and Economic Forecast

December 5, 2019

Summary

Minnesota’s budget and economic outlook has improved since the end of the 2019 legislative special session. A better than expected close to the last biennium, an improved revenue forecast, and a small decrease to estimated spending create a forecast surplus of $1.332 billion in the FY 2020-21 biennium. The stable budget outlook allows for an automatic allocation to the budget reserve account, bringing the reserve balance to its statutory target level of $2.359 billion. While Minnesota’s economy and revenues continue to grow into the FY 2022-23 planning estimates, budget challenges remain for that biennium.

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