The February budget forecast from Minnesota Management and Budget was presented today with a budget and economic forecast projecting a positive balance of $1.6 billion for the FY 2022-23 biennium. Minnesota’s budget outlook is better for this biennium and the next due to an improved U.S. economic outlook that is bolstered by large federal actions that have emerged since November, less spending in some areas attributable to the unique circumstances of the pandemic, and were not incorporated in earlier projections.
In response, Senator Scott Dibble, DFL-Minneapolis, released the following statement:
“Many in our state are facing unprecedented economic and budgetary hardships, lives devastated due to the pandemic. These challenges will not simply go away when the virus does. The anticipated budget is of public resources, most of which are added to the state’s budget on a one time basis and won’t reoccur, should be put to good use in helping our lower-wage workers, unemployed individuals, and small businesses affected during the shutdowns. Good stewardship has allotted us this flexibility in our budget, and we must use this to aid those who need it most, not as an excuse to slash taxes for the wealthy. Regular, every day Minnesotans have stepped up and sacrificed for each other throughout this past year in ways that have touched all our hearts. We need to make sure every Minnesotan has the opportunity to thrive.”