Minnesota Flush With Cash As Budget Surplus Swells To $9 Billion

ST. PAUL, MN — Minnesota is projected to have a surplus of $9.25 billion for the budget cycle that includes the next two years, according to state analysts.

"Minnesota's budget and the economic outlook remain positive," the state's Management and Budget office said in a statement Monday.

"A higher income, consumer spending, and corporate profit forecast results in an improved revenue projection while spending is slightly lower in E-12 education and Health and Human Services."

Gov. Tim Walz has already promised to send a portion of that surplus back to Minnesotans in the form of "Walz Checks." More than 2.7 million Minnesota households would receive a Walz Check under the proposal, according to the governor's office.

Monday's projections weren't entirely good news. State analysts warned that inflation and geopolitical conflict could negatively impact the state's surplus.