MINNESOTA BUDGET PROJECTIONS

Minnesota is projected to finish the current two-year budget cycle with a general fund balance of roughly $3 billion, according to updated figures from Minnesota Management and Budget. Deputy State Budget Director Travis Bunch says the outlook changes in the following biennium, when the state is currently projected to face a relatively small shortfall of about $55 million. Bunch says state revenue is growing at about two percent annually, while spending is increasing by roughly 2.2 percent. The state’s next major financial update will come with the November budget forecast. The next governor will then use that forecast to help craft a proposed state budget, which is expected to be released in February.