Minnesota Management and Budget (MMB) issued the November Budget and Economic Forecast this morning and has projected that the State of Minnesota will have a $616 million surplus for the upcoming FY 2026-2027 biennium. This estimate represents a $1.1 billion reduction from previous estimates. MMB cites projected reductions in income and sales tax revenue along with higher long-term care and special education spending as reasons for the reduction in the surplus.
