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State economic forecast predicts $7.7 billion surplus

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Fueled by “extraordinary growth” in income, consumer spending and corporate profits, Minnesota is predicted to have a $7.7 billion budget surplus for the fiscal 2022-23 biennium.

That news was shared Tuesday by Minnesota Management and Budget as part of its November 2021 Budget and Economic Forecast.

The second of two annual economic estimates the state uses to inform its budgeting and policy decisions, November’s forecast continued the upbeat outlook predicted in the February 2021 Budget and Economic Forecast which called for a $1.6 billion surplus.

State officials also cited higher-than-predicted tax receipts as a driving factor for the surplus. Read more at Session Daily

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Event Schedule

THURSDAY: House DFL Press Conference
Thursday, January 20 2022 1/20/2022 9:00 AM
Watch: Live Event
House DFL economic security session priorities

THURSDAY: House Rules and Legislative Administration Committee
Thursday, January 20 2022 1/20/2022 10:15 AM
Watch: Live Event
Approval of the 2022-23 Legislative Plan for Employee Benefits book.
Personnel reports: appointments, change-in-status, terminations.

JANUARY 31: Session Daily Update
Monday, January 31 2022 1/31/2022 11:55 AM
Watch: Live Event
Updates from the House

JANUARY 31: House Floor Session*
Monday, January 31 2022 1/31/2022 12:00 PM
Watch: Live Event
*Start of the 2022 Legislative Session.
House Floor Session.

FEBRUARY 8: Joint House Early Childhood Finance and Policy & House Workforce and Business Development Finance and Policy hearing
Tuesday, February 8 2022 2/8/2022 5:30 PM
Watch: Live Event
The Importance of early care & learning to Minnesota business.
- University of Minnesota’s Masonic Institute for the Developing Brain.
- First Children’s Finance.
- The Itasca Project - First 1,000 Days.
- Items may be added.
* No public testimony will be taken at the hearing.

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