State economic forecast predicts $7.7 billion surplus

Fueled by “extraordinary growth” in income, consumer spending and corporate profits, Minnesota is predicted to have a $7.7 billion budget surplus for the fiscal 2022-23 biennium.

That news was shared Tuesday by Minnesota Management and Budget as part of its November 2021 Budget and Economic Forecast.

The second of two annual economic estimates the state uses to inform its budgeting and policy decisions, November’s forecast continued the upbeat outlook predicted in the February 2021 Budget and Economic Forecast which called for a $1.6 billion surplus.

State officials also cited higher-than-predicted tax receipts as a driving factor for the surplus. Read more at Session Daily

Session Daily

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After lone House term, Rasmusson aims for Senate seat (1/19/2022 1:14:00 PM)
Walz unveils record $2.73 billion capital investment proposal (1/18/2022 12:43:00 PM)
Environment committee updated on metro landfills, fund replenishment (1/18/2022 12:24:18 PM)
After three decades in House, Mariani says he won't run for re-election (1/14/2022 9:08:00 AM)
'Overwhelmed' health care workers share stories of professional pandemic perils (1/13/2022 3:53:00 PM)
Taxes Committee chair Marquart announces he isn't seeking re-election in '22 (1/12/2022 9:36:00 AM)
Judiciary committee hears plea from public defenders, legal aid lawyers for more funding (1/11/2022 3:16:00 PM)
Rep. Tim Miller says he won't seek re-election (1/10/2022 9:49:00 AM)
Hamilton won't seek 10th House term in 2022 (1/6/2022 2:34:00 PM)
Lippert will not run for re-election (1/6/2022 11:15:00 AM)

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