Minnesota Management and Budget predicts larger state surplus than originally forecasted

By Michael Achterling Oct 18, 2023 | 10:06 AM

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.

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