St. Paul, Minnesota — Today, Minnesota Management and Budget released the November Economic Forecast, showing a projected balance of $1.332 billion for the current biennium. While the forecast does show a balance, it includes inflation on the revenue side, and excludes it on the spending side in several key areas. Estimated inflation will lead to deficits in fiscal years 2022-23.
“Today’s budget forecast shows challenges for Minnesota, including deficits in future years,” said House Majority Leader Ryan Winkler. “These deficits undermine our ability to provide good schools, good roads, and good health care for Minnesotans. Worse, this surplus story is fiction, because it does not count the increased costs of providing these core services. We need to continue supporting working families and build a more prosperous future for all Minnesotans. House DFL priorities are the same as those of Minnesotans: affordable health care, excellent schools, next-generation infrastructure, and safe communities for all of us.”
“We can’t forget today’s budget balance ignores inflation,” said Assistant Senate DFL Leader Susan Kent. “Without thoughtful investments in what Minnesotans deserve, we’ll jeopardize the things DFLers have worked so hard to build. We must make smart investments in health care, education, and working families to move forward and ensure a better Minnesota for all of us.”