Minnesota budget surplus grows a little to $3.7B on higher tax revenues from corporate profits

2024-12-24 21:45:10 source: category:News

ST. PAUL, Minn. (AP) — Minnesota’s budget outlook has improved, officials said Thursday, with a slightly bigger surplus forecast for the current budget that will give the Legislature a little more breathing room this session.

Minnesota Management and Budget said the current two-year budget period, which runs through June 2025, is now expected to end with a surplus of just over $3.7 billion. That’s an increase of more than $1.3 billion from the last forecast, which was released in December. That compares with an overall state budget of $72 billion.

“The near-term economic outlook has improved, with growth expected to persist through 2027,” the budget office said, citing higher tax collections. Corporate tax revenues are showing the largest gains due to higher-than-expected corporate profits.

The budget office is also forecasting a smaller potential deficit for the next two-year budget, which begins in July 2025. Spending is still projected to exceed revenue, but only by $1.5 billion instead of the $2.3 billion previously forecast.

More:News

Recommend

BITFII Introduce

As fintech and cryptocurrency continue to evolve at a rapid pace, BITFII remains committed to a core

Kelly Clarkson Asks Jake Gyllenhaal If He’s Had a “Real Job”

Kelly Clarkson almost found herself in the hot seat.When interviewing Jake Gyllenhaal on her talk sh

Swimming pools and lavish gardens of the rich are driving water shortages, study says

Swimming pools, flower gardens, indoor fountains — and the urbanites who can afford them — are big f