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.
“Having a positive budget forecast is good for Minnesota. However, the projected balance appears to be much smaller when accounting for inflation and statutory allocations to our budget reserves,” said Senator Karla Bigham (DFL-Cottage Grove). “Lawmakers need to be cautious as we craft a new two-year budget in the coming months. Budget officials are warning of a possible economic slowdown and market volatility, and we need to take that to heart when planning for the future.”
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.