MN Budget Surplus Now Projected At $2.4 Billion

ST. PAUL, MN — Minnesota has a projected budget surplus of more than 2 billion, according to a report released by the state Management and Budget Office Monday.

The state ended its previous two-year budget cycle with $820 million more in the bank than previously anticipated. Combined with the already-existing budget surplus of $1.58 billion, the state's total surplus now sits at about $2.4 billion.

Last winter, the lawmakers were tasked with deciding how to use the state's record $17.5 billion surplus.

Democrats, who control the governor's mansion and both chambers of the Minnesota Legislature, opted to spend that money on a mix of new projects and funding increases, tax cuts, and one-time direct checks — dubbed "Walz checks" — to residents.

The state's Democratic Party again will be in the driver's seat this spring when it comes time to spend the current surplus.