Minnesota Budget Surplus Projected around $1.9 Billion
Minnesota finance officials project nearly $1.9 billion state budget surplus through June of 2017.
An economic forecast released Thursday details state finances and estimates the money the Legislature will have at their disposal for next year’s legislative session.
The surplus is expected to bring calls for tax cuts as well as additional spending on priority programs.
By law, one-third of the excess money is automatically shifted into the state’s rainy-day reserves.
That means around $1.2 billion will be available for lawmakers to spend, if they can agree on how.
The surplus comes from factors including higher tax collections than expected.
The Legislature and Gov. Mark Dayton also carried over $865 million that went unspent from last year’s session.
The forecast also looks at spending patterns and economic conditions expected for years in the future.