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Budget and Economic Forecast February 2019


Latest: February 2019 Budget and Economic Forecast

February 28, 2019


Summary

Minnesota’s budget and economic outlook has weakened since November. The projected balance for the upcoming biennium has been reduced to $1.052 billion. Slower projected economic growth and lower observed collections compared to prior estimates result in a reduced revenue forecast throughout the budget horizon. A slightly lower expenditure forecast partially offsets the overall reduction to the projected balance. The trend of slower growth continues into the planning horizon with projected spending growth outpacing forecast revenue growth into FY 2022-23.

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