(ST. PAUL, MN) – Today, Minnesota Management and Budget released the November economic forecast for the State of Minnesota. Governor Tim Walz released the following statement after the announcement:
“This improved economic outlook means we can, and we must, act immediately on COVID-19 relief. We must do everything we can to keep small businesses afloat and support the working families who are bearing the brunt of this crisis.”
Minnesota’s economic and budget outlook have improved since May. The forecast showed a projected surplus of $641 million for the fiscal years 2020-21. The improved budget outlook continues into fiscal years 2022-23, but a $1.273 billion budgetary shortfall remains for that biennium.