Updated Budget Forecast shows Minnesota Remains Financially Strong

By Sara Grafstrom posted 03-05-2023 12:31


Last Monday, the updated state budget forecast was released. The forecast showed that Minnesota remains in a solid financial situation with the overall budget surplus not changing significantly, compared to the previously released forecast at the beginning of December. The budget surplus is now at $17.5 billion, down slightly from the November forecast, however, it is notable that a recent change in law now requires inflation to be factored into the forecast.

With the release of the updated forecast, both House and Senate leadership will now turn to the setting of committee budget targets. ARRM recently put out an action alert directed at Speaker Hortman and Majority Leader Dziedzic, urging a high budget target for Human Services. If you have not had an opportunity to respond to the action alert you can find it here.

This coming Friday marks the first committee deadline, with the second deadline scheduled for Friday, March 24th and the third deadline happening on Tuesday April 4th. All six of ARRM’s legislative priorities have met the first deadline, we are working on securing the necessary hearings in the House and Senate to meet the second deadline for all of our bills.

This coming week we also anticipate the Governor’s budget bill to be formally introduced, ARRM will share information on the proposals contained in that bill as soon we have the opportunity to review.

Please reach out with any questions.

--Sara Grafstrom, Director of State and Federal Policy