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Budget and Economic Forecast November 2018

Latest: November 2018 Budget and Economic Forecast

December 6, 2018 

Quick Summary

Minnesota’s budget and economic outlook remains sound, despite slower growth through the budget horizon. A revenue forecast increase and lower base expenditure estimates add to an improved outlook for the current biennium leaving an estimated $1.544 billion balance available for the FY 2020-21 budget. Statutory allocations, partially resulting from the improvement to the current biennium, add $491 million to the budget reserve which now totals $2.075 billion. Slower economic growth is projected to continue into FY 2022-23, resulting in a slowdown in forecast revenue growth. This leaves forecast revenues exceeding base expenditure estimates by only $456 million for that biennium.

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