Senator Isaacson Receives New Economic Forecast From State Budget Officials
St. Paul, Minn. – 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. To read MMB’s full budget and economic forecast, click here.
“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). “The size of the balance is deceptively large for two reasons. First, it does not account for inflation. Every family and small business owner knows that the cost of goods and services has been steadily rising over time, and the Legislature must account for that same reality when planning for the future. Second, it includes a significant amount of one-time revenue that won’t be available in the future. Going forward, lawmakers should be prudent and cautious as we work together to maintain a structurally balanced budget in future years.”
MMB will release a revised budget forecast for the new biennium in February 2019. The governor uses the February forecast as a final point of reference to propose a new two-year state budget for lawmakers to consider.