The state of Minnesota's economic and budget outlook has improved since May and a projected surplus of $641M is expected for the next fiscal year.
However, it is looking like a budget shortfall of more than $1.2B for fiscal year 2022-23.
"As the pandemic continues, economic challenges also persist. Minnesota has 184,000 fewer jobs than in February and, while the economic downturn has affected all Minnesotans, unemployment has disproportionately impacted lower wage workers," the state of Minnesota said.
The agency says higher general fund revenues and lower expected spending resulted in the improved outlook.
A full recap will be posted here later this morning.
BREAKING: Minnesota’s economic and budget outlook have improved since May. Today's forecast projects a surplus of $641 million for the FY 2020-21 biennium. A $1.273 billion budgetary shortfall is projected for FY 2022-23. More at https://t.co/4bmq88QJq2
— Management & Budget (@MMBCommunicates) December 1, 2020