“My biggest takeaway from the new forecast is that we cannot take our fiscal stability for granted,” said Senator Dan Sparks (DFL-Austin).
“The positive numbers in the new forecast are a testament to the strength and resiliency of Minnesota’s workforce,” said Senator Chuck Wiger (DFL-Maplewood).
“I’m pleased with Minnesota’s relatively strong fiscal health in recent years but warnings of an economic slowdown from our state’s top budget officials are cause for concern,” said Senator Jason Isaacson (DFL-Shoreview).
Over the coming months, lawmakers must exercise caution as we shape a new two-year state budget. If we don’t, we run the risk of jeopardizing the commitments we’ve made to our schools and other priorities.
Lawmakers need to be cautious as we craft a new two-year budget in the coming months. Budget officials are warning of a possible economic slowdown and market volatility, and we need to take that to heart when planning for the future.
Minnesota Management and Budget (MMB) today announced budgetary balances of $1.544 billion in the new biennium and $456 million in the following biennium but warned legislators that economic growth is slowing.