12/4/2025 9:10:49 AM
Minnesota’s budget and economic outlook remains stable in the current biennium; however, structural budget challenges remain. A better-than-expected fiscal year close and higher near-term revenue collections, partially offset by increased spending estimates, result in a projected surplus of $2.465 billion in the current biennium. Higher health care costs and slow economic growth drive an increased structural imbalance in the FY 2028-29 planning estimates where the balance is now projected to be negative $2.960 billion. Total general fund reserves remain strong and at their statutory target of $3.771 billion.
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