JUST IN: @MMBCommunicates pegs FY2024-25 surplus at about $17.5 billion.
Essentially unchanged from early Dec., but it means revenue kept growing because this forecast figures inflation into spending calculations for the first time in decades. #mnleg
mn.gov/mmb/mmbhome/?i…
Essentially unchanged from early Dec., but it means revenue kept growing because this forecast figures inflation into spending calculations for the first time in decades. #mnleg
mn.gov/mmb/mmbhome/?i…
Revenue was up $599M over the prior forecast and $865M was carried over from the prior year's budget. That pushed up overall available revenue to $1.464B
Estimated expenditure increase (including inflation projection and approved bills this session) was $1.536B. #mnleg
Estimated expenditure increase (including inflation projection and approved bills this session) was $1.536B. #mnleg
Estimated inflation for current programs came in at $1.422B, according to state finance documents.
Among tax categories compared to prior projections:
Individual income taxes: +563M
Corporate: +$125M
Sales taxes: -$26M
Sin taxes all down; although lottery revenues up marginally.
Individual income taxes: +563M
Corporate: +$125M
Sales taxes: -$26M
Sin taxes all down; although lottery revenues up marginally.
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