From the MN Broadband Coalition…
State Surplus Balloons to $9.2 billion
The economic outlook for the state continues to brighten. Minnesota Management and Budget projected that the state would have a $9.2 billion budget surplus for the upcoming biennium, up $1.5 billion from the projected $7.7 billion in November 2021. The state agency attributed this to “higher income, consumer spending, and corporate profit forecast,” as well reduced spending in health and human services and education areas.
Governor Walz said, “There’s a lot of space in here for compromise. The good news is, we can compromise on a whole lot of fronts to make life cheaper for Minnesotans, both now and in the future. We can continue to invest in things like education and health care, reducing those costs and making them more accessible to folks, that improve quality of life.”
House Minority Leader Kurt Daudt (R-Crown) said, “$9.3 billion surplus means government is collecting mind-boggling amounts of money from Minnesotans struggling with inflation and gas/energy prices. We need permanent and meaningful tax relief ASAP including an end to social security taxes & refilling UI trust fund.”
We anticipate competing budget proposals from DFLers and Republicans to be presented in the coming weeks. Negotiations will begin in earnest once committee chairs receive their spending targets from their respective leadership groups in the House and Senate.
We will keep you updated on these developments as they proceed through the committee process over the next few weeks.