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Ever since state finance officials revealed the budget forecast, elected officials have been publicly politicking over what to do in light of the the expected $7.7 billion surplus. ....
State finance officials are projecting an upcoming budget surplus of $7.7 billion after a year of what s being described as "extraordinary" revenue growth. ....
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. ....
Local lawmakers react to Walzâs budget proposal Local lawmakers react to Walzâs budget proposal By Holly Bernstein | January 26, 2021 at 10:18 PM CST - Updated January 26 at 10:35 PM MANKATO, Minn. (KEYC) â Gov. Tim Walz has released his $52.4 billion two-year budget proposal. Walz has proposed raising taxes on the wealthiest Minnesotans and large companies to help bridge a $1.28 billion gap. He also proposed an increase in spending on education, measures to support working families and proposals on helping the state recover from the Coronavirus pandemic. The governor told Minnesotans not to believe talk of seeing an income tax increase. âIncome tax that weâre talking about will get .7 percent of the population, 99.3 percent of people will not see that. In fact, over a million families will see a cut in that,â he said. ....