Minnesota lawmakers begin debating how to use budget surplus
Minnesota lawmakers begin debating how to use budget surplus
By Holly Bernstein | February 26, 2021 at 8:44 PM CST - Updated February 26 at 8:44 PM
ST. PAUL, Minn. (KEYC) â Minnesota economists say the stateâs budget outlook has swung from a $1.3 billion deficit to a $1.6 billion surplus.
According to the Minnesota Department of Management and Budget, the numbers are due to an improved US economic outlook, which has been bolstered by stimulus measures the federal government has taken since the state department issued its last forecast in November.
The agency cites a higher revenue forecast, lower projected state spending and an increased surplus for the current fiscal year, but they say the rising tide hasnât lifted all boats as unemployment continues to disproportionately impact lower-wage workers.