Minnesota facing $4.7 billion shortfall for fiscal years 2022-23

Minnesota is facing $4.7 billion shortfall in fiscal years 2022-23, according to a monthly revenue report from Minnesota Management and Budget.

However, the review states planning estimates for the next biennium "should be used with caution" because the economic conditions are still "extraordinarily volatile" amid the COVID-19 pandemic.

"Should the economy grow at a different rate than projected, or should some volatile income source such as capital gains or corporate profits fall well outside of projections, the revenue outlook for FY 2022-23 will change," read the review.

Budget officials also affirm their $2.4 billion projected deficit for the current biennium, fiscal year 2020-21. They had released that projection in May, when less was known about how long the COVID-19 pandemic would last.

For the full review, click here.