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Minnesota's Budget Outlook Improves with Projected Surplus

Thursday, December 5, 2013  
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Changes in forecast general fund revenue and expenditures for the current biennium have increased the projected balance for fiscal year 2014-15 to $1.086 billion. As in recent forecasts, current law requires any forecast balance be used to repay K-12 shifts. The first $246 million of the balance will be used to complete repayment of the K-12 school property tax recognition shift. Additionally, $15 million is transferred to the state airports fund, restoring money originally borrowed in 2008. This forecast completes repayment of accounting shifts from prior budget solutions, reducing the forecast balance to $825 million.