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Minnesota Budget Surplus Higher Than Expected

Saint Cloud, MN, USA / KNSI
Grant Dossetto
Oct 17, 2023 | 10:40 AM
Jennifer Lewerenz/KNSI News

(KNSI) – The Minnesota Office of Management and Budget says the party is still on in St. Paul.

State officials released a fiscal update on Monday for the end of the 2022-23 biennium budget. The surplus is now estimated to be $820 million more than anticipated. MMB says the good news is due to a combination of higher revenue (+$739 million) and lower expenses (-$81 million).

It will be rolled over to the projected surplus for the next biennium, now predicted to be over $2.4 billion. It was at $17.5 billion before the last legislative session, with the DFL taking advantage of its majorities in both chambers to ramp up spending.

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