SAINT PAUL, Minn. – Minnesota Management and Budget today released the February budget forecast, estimating a $1.53 billion budgetary balance. The balance is $181 million more than the November 2019 forecast.
Senator Ron Latz, DFL-St. Louis Park, releases the following statement:
“The outlook for Minnesota is stable, and this is encouraging. However, there is still a slowdown remaining in the forecast. We need to be cautious with this. The small budgetary improvement will continue into the next biennium and the structural balance is improved, but after accounting for inflation to maintain current service levels into the next biennium, there is little room for additional spending now. We need to be careful to balance any new spending with new revenue in order to protect our economy and the quality of life in Minnesota from any future instability.
The loss of any revenue going forward will impact ongoing investments in areas such as health care, education, or transportation. This budget forecast is simply one-time money that needs to be distributed with caution, while still caring for Minnesotans who look to us to be fiscally responsible.”