An updated forecast released Monday puts Minnesota's budget surplus astatine $17.5 billion, representing an wide betterment successful nan state's fiscal picture.
While nan fig from Minnesota Management and Budget is down somewhat from nan $17.6 cardinal that nan agency projected successful November, nan forecast now factors successful nan impacts of ostentation connected authorities spending for nan first clip successful 20 years.
The caller fig besides accounts for a small complete $100 cardinal that nan Legislature already has spent since it convened past month, mostly connected bringing nan authorities taxation codification into conformity pinch national regulations and deductions, which resulted successful a taxation trim for galore residents.
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And nan caller projection besides reflects really taxation revenues proceed to tally up of expectations. Minnesota Management and Budget said individual income and corporate taxation revenues are some up.
Minnesota Governor Tim Walz speaks during a property convention connected April 19, 2021, successful St. Paul, Minnesota. The state's fund surplus is projected to scope 17.5 billion. Walz's fund connection includes a operation of spending increases and taxation credits to return nan surplus to taxpayers. (Stephen Maturen/Getty Images)
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The caller projection is nan forecast that nan Legislature will usage to group nan adjacent two-year budget, which takes effect successful July. By law, it must he balanced.
But it intends there's still money for priorities laid retired by Democrats, who power some chambers of nan Legislature and nan governor's agency for nan first clip successful 8 years. Republicans are still pushing for taxation cuts.
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Gov. Tim Walz's projected fund includes a operation of spending increases and taxation credits to return immoderate of nan surplus to taxpayers.