ST. PAUL, Minn. (AP) — Minnesota officials are projecting a whopping $7.7 billion surplus in the current state budget.
Minnesota Management and Budget says strong growth in income, consumer spending and corporate profits since the initial shocks of the pandemic have driven “extraordinary revenues.” And officials say higher tax receipts should continue due to the projected improvements in the state’s economic outlook.
Democratic Gov. Tim Walz says the extra money provides the means to expand economic opportunity for all Minnesotans. But Republicans are calling for tax cuts instead of more spending. The projection sets the stage for the 2022 legislative session.