The state’s teachers union, a top ally of and donor to Minnesota Democrats, who now control the whole of state government, said it wants a $5 billion chunk of the budget surplus.
Minnesota Management and Budget announced in an economic forecast this week that state lawmakers will have a projected $17.6 billion surplus to work with when crafting a budget for the 2024-2025 biennium next session. That’s up from an estimated $9.2 billion surplus projected in February.
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Minnesota’s Management and Budget estimate a general fund budget surplus of $17.6 billion for the fiscal year 2024-25 biennium.
“Strong collections and lower-than-projected spending add to the FY22-23 surplus,” the agency said. “Economic headwinds lower expected growth but large leftover surplus and healthy net revenues in FY24-25 create estimated $17.6B available for budget.”
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Many Minnesota taxpayers would receive stimulus checks under a bill Assistant Majority Leader State Rep. Dan Wolgamott, DFL-St. Cloud, introduced Tuesday.
Single filers and married individuals who filed a separate return would receive $500, and married couples filing jointly or individual head of household filers would receive a one-time payment of $1,000. The stimulus checks could start arriving in mailboxes by late summer, a news release from Wolgamott’s office said.
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Minnesota Management and Budget’s annual February economic forecast projected a budget surplus of $1.513 billion for the 2020-21 budget cycle.
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Minnesota Senate Republicans unveiled their “Get Your Billion Back” plan Thursday, a package of tax cuts worth more than $1 billion.
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Minnesota House DFLers unveiled their “Great Start for All Minnesota Children Act” this week, a nearly $500 million investment in early childhood education.
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A Republican state senator recently suggested using Minnesota’s estimated budget surplus of $1.3 billion to give a rebate “directly to taxpayers.”
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by Bethany Blankey Joint conference committees continue to hash out differences with the hope of reaching the May 20 deadline and closing a $2 billion gap between conflicting budget priorities. Still up for discussion in the Minnesota legislature are proposed fees on drug distributors and manufacturers to pay for…
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Minnesota Management and Budget released its Budget and Economic Forecast report Thursday, estimating that the state will have a $1.5 billion surplus for the 2020-21 biennium. According to the report, an additional $491 million will be added to the state’s budget reserve, or “rainy-day” fund, which now totals $2.075 billion—a…
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