St. Paul, Minn. – Minnesota Management and Budget (MMB) this week 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.
“My biggest takeaway from the new forecast is that we cannot take our fiscal stability for granted,” said Senator Dan Sparks (DFL-Austin). “Our budget is structurally balanced right now, but an economic slowdown could endanger our commitments to schools, health care, and roads. Taking a cautious approach to our budgeting process and exercising fiscal responsibility in the coming year is a priority for me.”
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.