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Budget and Economic Forecast


Latest: February Budget and Economic Forecast

February 29, 2024

Summary

Minnesota’s budget and economic outlook has improved since November. The 2024-25 biennium is now projected to end with a surplus of $3.715 billion, an increase of $1.324 billion compared to November projections. The near-term economic outlook has improved, with growth expected to persist through 2027. Higher collections so far this fiscal year raise the current biennium forecast for all major tax types. Corporate tax revenue shows the largest change, driven by higher-than-expected corporate profits through the forecast horizon. Spending estimates are largely unchanged from November. The higher revenue forecast throughout the FY 2024-27 planning horizon results in improvement to the structural budgetary balance, but spending is still projected to exceed revenue through FY 2027.

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