Skip to content

Minnesota Budget Update: Surplus Still Huge

Minnesota Budget Update: Surplus Still Huge

February 27, 2023

On February 27, Minnesota budget officials released an updated economic forecast that shows a $17.5 billion surplus for the next two state fiscal years (FY 24-25).

The state had previously projected a nearly identical surplus in December 2022.

The hefty surplus comes despite a new law requiring budget officials to factor inflation into the cost of state government spending – a practice long barred due to fears about putting spending on autopilot – as well as about $100 million in tax cuts and new expenditures this year.

 

Source: Minnesota Management and Budget

Revenues exceeded expectations by about $1.5 billion, mostly driven by higher individual and corporate income tax receipts.

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

July 10, 2025
NFIB Nebraska Reacts to New Optimism Report
NFIB Nebraska State Director Ryan McIntosh reacts to Small Business Optimis…
Read More
July 10, 2025
NFIB Minnesota Reacts to New Optimism Report
NFIB Minnesota State Director Jon Boesche reacts to Small Business Optimism…
Read More
July 10, 2025
NFIB North Dakota Reacts to New Optimism Report
NFIB North Dakota State Director Don Larson reacts to Small Business Optimi…
Read More
Female Customer Paying In Coffee Shop
July 10, 2025
NFIB Wisconsin Reacts to New Optimism Report
NFIB Wisconsin State Director Luke Bacher reacts to Small Business Optimism…
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility