SAINT PAUL – Minnesota Management and Budget today released the November Economic Forecast, showing a positive budget balance of $1.332 billion for the 2020-21 biennium. The state’s budget reserve is also now at its statutory target amount of $2.359 billion.
State Rep. Jen Schultz (DFL – Duluth) issued the following statement:
“Today’s announcement of a positive balance going into the 2020 session is good news, but the economic forecast highlights some significant challenges in the future. When inflation is taken into account, deficits may be on the horizon. Exercising caution is important, as an uncertain economic future could impede our ability to deliver on values like education, health care, transportation, and other items all Minnesotans count on to succeed and prosper.
“We’re up against some short-term challenges too, including the need to help counties and tribal governments solve problems due to recent payment miscalculations. I’m committed to addressing these issues in the legislative session.”