Minnesota's forecasted budget surplus is at $17.5 billion, represents improvement in state's fiscal picture

The forecasted budget surplus in Minnesota landed at $17.5 billion. The forecast still accounts for over $100 million that the legislature has already spent.

An updated forecast released Monday putssurplus at $17.5 billion, representing an overall improvement in the state's fiscal picture.

While the figure from Minnesota Management and Budget is down slightly from the $17.6 billion that the agency projected in November, the forecast now factors in the impacts of inflation on state spending for the first time in 20 years. The new figure also accounts for a little over $100 million that the Legislature already has spent since it convened last month, mostly on bringing the state tax code into conformity with federal regulations and deductions, which resulted in a tax cut for many residents.

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