SAINT PAUL, MN— Today, after Minnesota’s Department of Management and Budget announced the state’s November budget forecast, Senate DFL Leader Susan Kent released the following statement:
“Minnesota’s budget and economic outlook have changed significantly amid the COVID-19 pandemic. Fortunately, today’s forecast shows a cautiously hopeful picture of our state’s budgetary future,” said Senate DFL Leader Susan Kent. “It is the legislature’s responsibility to be careful stewards of taxpayer dollars, and it is also up to us to ensure we don’t leave anyone behind as we continue our fight against COVID-19. There will still be challenges in ensuring stability in revenue and spending in the upcoming biennium, but we must keep our options open. It will take all of us working together in the upcoming legislative session to get Minnesota back on track to balancing our state budget.”
The budget forecast projected a $641 million surplus. The surplus is a result of higher general fund revenues and lower expected spending. The improved budget outlook continues into fiscal year 2022-23, but a $1.273 billion budgetary shortfall remains for that biennium.