The following was posted on the MN Management & Budget website.
May Interim Budget Projection
Minnesota’s budget and economic outlook has significantly worsened since the coronavirus pandemic. A deficit of $2.426 billion is now projected for the current biennium, which is almost a $4 billion change compared to the February forecast. Revenues are expected to be $3.611 billion lower and spending, including appropriations enacted since February, is expected to be $391 million higher. The $2.359 billion budget reserve remains available to mitigate the budgetary impact of the crisis. Given the uncertainty about the path of pandemic, the economic outlook will remain volatile for some time.
Governor Tim Walz (DFL-MN) has a scheduled press opportunity at 2:00 pm including Minnesota Management and Budget Commissioner Myron Frans; Department of Health Commissioner Jan Malcolm; and Homeland Security and Emergency Management Director Joe Kelly.
Here is the release.
Governor Walz to Provide Update on State’s Response to COVID-19, Budget Projection
Today, Tuesday, May 5, 2020, Governor Tim Walz and Minnesota Management and Budget Commissioner Myron Frans will provide an update on the State’s response to COVID-19 and discuss the new budget projection. A small, predetermined press pool has agreed to cover the event in person in order to ask questions and take photos that will be made available afterwards. All other members of the press should plan to cover the event remotely by watching the briefing on the Governor’s YouTube Live page here.*