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Latest state budget forecast projects $1.5 billion surplus

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State officials offered good economic news Thursday, predicting Minnesota will have a $1.54 billion budget surplus for the upcoming biennium.

Minnesota Management and Budget, which oversees the state’s finances, released its November Forecast. It is one of two annual forecasts done to provide an update on Minnesota’s financial health by examining spending, predicted revenues and a variety of other economic factors.

Commissioner Myron Frans said the surplus is due to greater-than-projected revenue and expenditures that were lower than previously predicted. He said the state’s budget reserve, which has now surpassed $2 billion, is the largest in Minnesota history.

“I’m smiling today because this is really good financial news,” he said.

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