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Minnesota’s State Budget Forecast Takes a Turn for the Worse

Minnesota’s State Budget Forecast Takes a Turn for the Worse

March 17, 2025

Minnesota’s latest budget forecast paints a troubling picture of the state’s financial future.

The February 2025 Budget and Economic Forecast, released on March 6th by Minnesota Management and Budget, reveals another significant shift in the state’s fiscal outlook – one that will hopefully serve as a warning to policymakers.

The projected budget surplus for the upcoming biennium (Fiscal Years 2026-2067) has declined by 26% since November 2024, shrinking from $616 million to $456 million. While this reduction is concerning, the most alarming shift is the projected budget deficit for Fiscal Years 2028-2029, which has ballooned to $6 billion – an increase of $852 million over previous estimates.

At this critical juncture, the Legislature must prioritize a balanced approach that curtails unnecessary spending, avoids new or additional taxes, and supports a business environment that is supportive of Minnesota’s Main Street businesses.

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