St. Paul—Today, Minnesota Management and Budget released the 2018 November Budget and Economic Forecast. 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 2020-21 biennial 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 the 2022-23 biennium, resulting in a slowdown in forecast revenue growth. This leaves forecast revenues exceeding base expenditure estimates by only $456 million for that biennium.

MMB Commissioner Myron Frans, State Economist Dr. Laura Kalambokidis, and State Budget Director Britta Reitan will present the forecast at 1:15 p.m. today in room 15 of the Minnesota State Capitol. 

Full forecast documents will be posted online today around 11:45 a.m. To receive this information:

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Contact: Chris Kelly, Minnesota Management & Budget
Director of Communications
651-259-3692, Chris Kelly

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