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Minnesota's Budget Surplus Hits $3.7 Billion, Offering Legislative Flexibility

The surplus, an increase from previous forecasts, is attributed to higher tax collections, particularly from corporate profits.

  • Minnesota's budget surplus for the current two-year period is projected to end with just over $3.7 billion, marking an increase of more than $1.3 billion from the last forecast.
  • The improved budget outlook is largely due to higher-than-expected tax collections, with corporate tax revenues showing significant gains.
  • Officials caution against overspending, highlighting the potential for future budget imbalances despite the current surplus.
  • Projected state spending is expected to exceed revenues by $1.5 billion in the next two-year budget period, a decrease from previous forecasts.
  • The state also has approximately $2.9 billion in its rainy day fund, providing a cushion against future economic uncertainties.
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