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 glad that Minnesota’s fiscal house is in good order, but lawmakers should take budget officials’ warning of an economic slowdown to heart,” said Senator Erik Simonson (DFL-Duluth). “We need to take a cautious approach to our budgeting process. For example, targeting new one-time investments in critical areas is one way we can make a positive difference in people’s lives without jeopardizing fiscal stability in the future. Governor Dayton and his administration deserve a great deal of credit for getting Minnesota back on the path to structurally balanced budgets.”
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.