Minnesota Management and Budget predicts larger state surplus than originally forecasted

Detroit Lakes, Minn. (KDLM) – The Minnesota Office of Management and Budget says Minnesota will have a larger than forecasted surplus this year.

State officials released a fiscal update on Monday for the end of the 2022-23 biennium budget. 

The surplus is now estimated to be $820 million more than anticipated. 

MMB says the good news is due to a combination of higher revenue (+$739 million) and lower expenses (-$81 million).

It will be rolled over to the projected surplus for the next biennium, now predicted to be over $2.4 billion. 

The surplus was at $17.5 billion before the last legislative session.