State Economists Project $641 Million Surplus For Minnesota

MINNESOTA — State officials announced Tuesday that Minnesota’s economic and budget outlook has improved since May, soon after the economic crisis from the coronavirus pandemic began.

The Minnesota Management and Budget Office now projects a surplus of $641 million for the fiscal year of 2020-2021. State economists credit higher general fund revenues and lower expected spending for the sunnier outlook.

In 2019, Minnesota was projected to have a massive budget surplus, which is now helping the state navigate the ongoing economic crisis.

Economic challenges continue

• Minnesota has 184,000 fewer jobs than in February
• Unemployment has disproportionately impacted lower wage workers.
• A $1.273 billion budgetary shortfall caused by the COVID-19 crisis remains

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