Budget Forecast Expected to Reveal Surplus
Jennifer Lewerenz | Dec 6, 2018 AT 8:29 am
(AP) - Minnesota officials are preparing to release a budget forecast that will set the stage for the debate over taxes and spending in the 2019 legislative session.
Minnesota Management and Budget is due to issue the forecast late Thursday morning.
The revenue and spending projections are expected to show a significant surplus, which would give Governor Elect Tim Walz and the Legislature more room for new spending initiatives, tax cuts or some combination of both. Walz is due to release his budget outline by February 19.
He plans to respond to the forecast this afternoon. Democratic and Republican legislative leaders will also comment on the projections.
The governor and lawmakers will get an updated forecast in February that will guide them through the end of the legislative session in May.