Minnesota Budget Surplus Balloons To $17.6 Billion

ST. PAUL, MN — Minnesota's budget surplus swelled to 17.6 billion for the 2022-2023 fiscal year, according, to the state's Management and Budget office.

"Strong collections and lower-than-projected spending add to the FY22-23 surplus," the agency announced Tuesday morning. "Economic headwinds lower expected growth but large leftover surplus and healthy net revenues in FY24-25 create estimated $17.6B available for budget."

In February, Minnesota was projected to have a surplus of $9.25 billion.

Minnesota Democrats will have control over how the surplus is used next year after winning the state government trifecta on Election Day.

The state is set to release more information on the budget at 11:30 a.m. Tuesday.

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