Minnesota's budget surplus estimated to rise to $2.4 billion
ST. PAUL, Minn. — The budget surplus in Minnesota is estimated to potentially rise to $2.4 billion, according to the state budget officials.
On Monday, Minnesota Management and Budget released a report that determined the last FY 2022-23 biennium ended with a $820 million balance higher than previously estimated.
MMB says general fund spending was $81 million lower than prior estimates while revenue collected was $739 million higher than estimates.
"The difference between the estimated and actual ending balance, $820 million, will be added to the projected surplus for the FY 2024-25 biennium, which was estimated to be $1.583 billion when enacted in May," MMB said.
In May, the Minnesota Legislature had passed a $72 billion state budget, a $2.6 billion infrastructure package and $300 million in emergency funding for nursing homes.
The next two-year budget is a 38% increase in state spending over the current biennium, much of it one-time money from the surplus that at the time totaled $17.5 billion.