[ad_1]
- The budget outlook for Minnesota has improved, officials introduced on Thursday, indicating a barely bigger surplus forecast for the present budget interval.
- The present two-year budget interval, till June 2025, is now projected to finish with a surplus of simply over $3.7 billion.
- The budget workplace attributed the improved outlook to increased tax collections, noting vital features in company tax revenues.
Minnesota’s budget outlook has improved, officials mentioned Thursday, with a barely greater surplus forecast for the present budget that can give the Legislature a bit extra respiratory room this session.
Minnesota Management and Budget mentioned the present two-year budget interval, which runs by means of June 2025, is now anticipated to finish with a surplus of simply over $3.7 billion.
That’s a rise of greater than $1.3 billion from the final forecast, which was launched in December. That compares with an total state budget of $72 billion.
“The near-term economic outlook has improved, with growth expected to persist through 2027,” the budget workplace mentioned, citing increased tax collections. Corporate tax revenues are displaying the most important features due to higher-than-expected company earnings.
The solar shines on the Minnesota State Capitol on Feb. 12, 2024, in St. Paul. Minnesota’s budget outlook has improved, officials mentioned on Thursday, with a barely greater surplus forecast for the present budget that can give the Legislature a bit extra respiratory room this session. (AP Photo/Steve Karnowski)
The budget workplace can be forecasting a smaller potential deficit for the following two-year budget, which begins in July 2025.
Spending remains to be projected to exceed income, however solely by $1.5 billion as a substitute of the $2.3 billion beforehand forecast.
[ad_2]
Source hyperlink