SAINT PAUL, Minn. – Minnesota’s Office of Management and Budget said the state’s budget outlook is $1.3 billion higher than November estimates.
The fiscal year 2026-2027 projected balance is now at a surplus of $3.7 billion.
“A slightly improved economic outlook drives a higher revenue forecast largely driven by more volatile sources of revenue,” Minnesota OMB officials said.
However, Minnesota OMB reports spending growth outpaces revenue growth through projections for the 2029 fiscal year. The projected general fund balance for the fiscal year 2028-29 biennium is now $377 million.
“Shifting policies at the federal level and missing or incomplete data due to recent federal government shutdowns introduce significant uncertainty to the projections,” Minnesota OMB officials said.
