February Forecast: State Of MN Has $17.5 Billion Surplus

ST. PAUL, MN — Minnesota's budget and economic outlook are stable, with a $17.5 billion surplus balance projected for the next two years, the Minnesota Management and Budget Office announced Monday.

The surplus is mostly leftover from the current biennium, officials said.

Meanwhile, revenues from individual income and corporate taxes are up, even after factoring in inflation. The state's revenue is forecasted to exceed its spending through the 2027 fiscal year, officials said.

"This is great news for Minnesota and a sign that our economy is strong and growing," said Gov. Tim Walz in a statement.

"Minnesota continues to have a record-low unemployment rate, one of the most diverse economies in the nation, and is on a path to be the best state in the country to raise a family. Our One Minnesota Budget and today’s forecast outline the historic opportunities we have to invest in education, children, health and safety while lowering costs, cutting taxes, and sending checks to Minnesotans across the state. I look forward to continuing this growth and ensuring every Minnesotan benefits from our thriving economy."