Today, Management and Budget Commissioner Jim Schowalter and Revenue Commissioner Robert Doty along with State Economist Laura Kalambokidis will release the November Forecast to provide some light on the state’s financial picture. Revenues have been up and the question of the depth of the state’s financial woes will get a first true glimpse prior to the 2021-22 legislative session.
We will also cover the responses of the political leadership when they provide their responses to the forecast.
Latest from MMB.
Minnesota’s economic and budget outlook have improved since May, when we released a budget projection just as the COVID-19 pandemic was taking hold. With this forecast, higher general fund revenues and lower expected spending result in a projected surplus of $641 million for the FY 2020-21 biennium. The improved budget outlook continues into FY 2022-23, but a $1.273 billion budgetary shortfall remains for that biennium. As the pandemic continues, economic challenges also persist. Minnesota has 184,000 fewer jobs than in February and, while the economic downturn has affected all Minnesotans, unemployment has disproportionately impacted lower wage workers.