Minnesota Management and Budget (MMB) issued the November Budget and Economic Forecast this morning and has projected that the State of Minnesota will have a $616 million surplus for the upcoming FY 2026-2027 biennium. This estimate represents a $1.1 billion reduction from previous estimates. MMB cites projected reductions in income and sales tax revenue along with higher long-term care and special education spending as reasons for the reduction in the surplus.

For more details on the forecast announcement, Minnesota Public Radio (MPR) interviewed Winthrop shareholder, Tom Hanson, former MMB Commissioner, and you can find a link to the story here.  Also, Tom will be joining Nina Moini on MPR’s Minnesota Now program during the 12:00 pm to 12:15 pm segment today to discuss the forecast.

December 4, 2024