Minnesota budget surplus decreases [RAW]

Minnesota leaders address the state budget and economic forecast on Thursday, March 6. Once flushed with a record-setting projected surplus of $17.5 billion in 2023, the latest projected budget by Minnesota?s Department of Minnesota Management and Budget (MMB) says the state?s Fiscal Year 2026-27 projected balance is now $456 million ? $160 million lower than estimates provided in December. The projected general fund shortfall for the 2028-29 budget cycle is now $5.995 billion, $852 million less than the most recent previous estimates, MMB says. The report also predicts that spending growth will outpace revenue in FY 2029.