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SAINT PAUL, MN—– On Tuesday, Minnesota Management and Budget released the February economic forecast which state lawmakers will use to craft a budget for Fiscal Years 2018-19. The state’s surplus for the upcoming biennium is $1.65 billion, up from $1.4 billion in November. This positive budget outlook continues into Fiscal Years 2020-21.
“Minnesota’s $1.65 billion surplus is great news for Edina taxpayers, families and schools,” said Rep. Dario Anselmo, R-Edina. “In the coming weeks, legislators will use the February forecast to craft a two-year state budget, investing in our shared priorities including education, tax relief, transportation, and caring for our most vulnerable."
The $250 million in increased surplus funds come primarily from greater-than-expected revenue from individual income taxes, the general sales tax, and the corporate franchise tax. MMB budget documents note that an improved U.S. economic outlook and positive numbers for key economic data points such as personal income growth, employment, and consumer spending have contributed to the additional surplus revenue. Budget targets are expected to be released in the coming weeks as legislators continue work on the 2018-2019 biennium budget.
This budget forecast marks the eighth straight forecast with a positive balance for the state of Minnesota.
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