Greetings from Moorhead,
Minnesota Management and Budget (MMB) released the November budget forecast yesterday. This forecast projects a budget surplus of $1.544 billion for fiscal years 2020-2021. Of this amount, $491 million automatically goes into the state's budget reserve. This is excellent news, and another testament to the strength of Minnesota's economy! However, an economic slowdown is anticipated going into fiscal years 2022-2023 with a projected surplus of $456 million (based on current state expenditures). Heading into the next legislative session, we must be smart with the state's resources and make sound decisions that will help grow Minnesota's economy and employment opportunities. Another budget forecast will be released in late February/early March and will serve as the starting point for writing the state's next two-year budget. For more information, please go to: https://mn.gov/mmb/forecast/forecast/
Thank You for the Opportunity to Serve,
Ben