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.
“Minnesota’s strong finances are a reflection of our talented workforce, innovative businesses, and exceptional quality of life,” said Senator David Tomassoni (DFL-Chisholm). “However, we cannot take our good fortunes for granted. 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.”
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.