Today, Minnesota Management and Budget (MMB) released the February Economic Forecast, which showed a $1.9 billion budget surplus. The surplus is due to a multitude of factors, including higher revenues, lower spending and a general improvement in Minnesota’s economy. Minnesota’s unemployment rate is 3.6%, the 5th lowest in the country and lowest in Minnesota in 14 years. The report also shows a slight increase in wages for Minnesotans.
“The $1.9 billion surplus in the state treasury is good news for Minnesota,” said Rep. Clark Johnson (DFL-North Mankato). “It affirms that our budget and our investments in the middle-class last session were on the right track after years of budget deficits. It gives us an opportunity to increase our rainy day fund, make strategic investments and provide tax relief to middle-class Minnesotans. I look forward to helping shape a new budget that is stable, is built on fair taxes, and makes long term investments that build a strong future for all of Minnesota.”
MMB said today that Minnesota’s long term budget outlook remains strong with a structurally balanced budget into 2019. The DFL-led legislature passed a balanced budget in 2013 for the first time in nearly a decade, paving the way for a stable budget now and into the future.