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 significantly 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 and were not incorporated in earlier projections.
In response, Senator Ann Rest, DFL-New Hope, released the following statement:
“The economic and budget outlook may have improved since November, but we should be cautious as there is still a long road of recovery from the COVID-19 pandemic. We need to examine the governor’s tax proposals in that light as well as consider additional investments in Minnesotans who are most affected by the pandemic.
“This forecast does give the Legislature an opportunity to support working families and work to build a better future for all Minnesotans. We must ensure this positive balance gives hope to all Minnesotans equally – namely the lower-wage workers, small businesses, and students.”