St. Paul—Today, Minnesota Management and Budget (MMB) released the 2019 November Budget and Economic Forecast. 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 fiscal year 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 fiscal year 2022-23 planning estimates, budget challenges remain for that biennium.

MMB Commissioner Myron Frans, State Economist Dr. Laura Kalambokidis, and State Budget Director Britta Reitan will present the forecast at 11:15 a.m. today at the Department of Revenue, Skjegstad Room (2000), 600 Robert Street North, in St. Paul, Minnesota. After presenting the forecast, they will be joined by Governor Tim Walz.

Note: We will post full forecast documents today around 10:45 a.m. To receive this information:

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