Minnesota Projects $2.4 Billion Budget Shortfall

ST. PAUL, Minn.-The Minnesota Management and Budget office is releasing an updated budget projection today for the current biennium (2020-2021), and according to initial reports, the economic outlook has significantly worsened since the coronavirus pandemic.

A deficit of $2.426 billion is now projected for the current biennium, which is almost a $4 billion change compared to the February forecast.

State leaders added the $2.359 billion budget reserve remains available to mitigate the budgetary impact of the crisis.

We’ll have more information on this story as it becomes available.