The Minnesota Management and Budget (MMB) is releasing an updated budget projection for the current biennium, Fiscal Years 2020 and 2021. 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.
Listen to KROX Radio for the press conference at around 2:10 this today (April 5).
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