October 17, 2023 - 9:12am | By Ty Schonert
(St. Paul, MN) -- Minnesota's projected budget surplus is getting bigger.
Minnesota Department of Management and Budget officials announced yesterday that tax and fee collections have outpaced expectations while spending has been lower than projected. That's added about $820 million to the forecast surplus of $1.6 billion dollars for the FY 2024-2025 biennium.
Previous estimates by the budget department believed $12.3 billion would carry forward from FY 2022-2023 biennium into the FY 2024-2025 biennium. Now, the budget department believes an estimated $13.1 billion
The actual amount of the surplus will be announced in December, where the full ballance for the FY 2024-2025 biennium will be shared.