ST. PAUL (MN) — Minnesota’s economic outlook and budget are stable with a projected $17.5 billion surplus over the next two-years, according to the Minnesota Management and Budget Office Monday.
Officials said that the surplus was largely leftover from the current biennium.
Despite inflation, revenue from corporate and individual income taxes is increasing. Officials stated that the state’s revenue will exceed its spending in the 2027 fiscal year.
Governor Tim Walz said, “This is great news Minnesota. It’s a sign that our economic strength and growth is continuing to grow.” Tim Walz in a statement.
“Minnesota has a record-low rate of unemployment, is one of the most diverse countries in the United States, and is poised to become the best place in the country for raising a family. Today’s forecast and our One Minnesota Budget outline the historic opportunities that we have to invest in education and children. We also cut taxes and lower costs and send checks to Minnesotans all over the state. I look forward to this continued growth and making sure every Minnesotan reaps the benefits of our thriving economy.
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