Senator Wiger Receives New Economic Forecast From State Budget Officials
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.
“The positive numbers in the new forecast are a testament to the strength and resiliency of Minnesota’s workforce,” said Senator Chuck Wiger (DFL-Maplewood). “I’m pleased that the Legislature and Governor-elect Walz have a positive balance to work with in the upcoming session. At the same time, top budget officials are warning that an economic slowdown is on the way, which has the potential to jeopardize the stability we’ve enjoyed in recent years. Lawmakers need to exercise fiscal responsibility and be cautious as we plan for the future. When we receive a revised forecast in February, we’ll begin the budget-writing process in earnest. This involves several months of public hearings where Minnesotans can provide testimony and help shape what our new budget will look like. Lawmakers must complete their work by a constitutional deadline later in May. A priority for me is protecting strong support for schools and workforce prep made in partnership with Governor Dayton over the past eight years. The ability to prepare students to graduate and be ready for college, vocational school, or a career is vital to our state’s long-term economic success.”
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.