Minnesota Management and Budget (MMB) announced a short time ago that the surplus for FY 2017-2017 has ballooned to $1.869 billion. This $832 million increase is mostly the result of additional revenue collections. Here is the statement released earlier this morning:
“February Forecast Projects FY 2016-17 Balance To Be $1.869 Billion
Increase in Balance due to Higher Revenues, Lower Spending
FY 2016-17 revenues are now forecast to be $42.497 billion, a $616 million (1.5 percent) increase over November estimates. Current law spending is forecast to be $41.128 billion, $115 million (0.3 percent) below previous projections. Changes to revenue and spending in the current biennium add $107 million to the FY 2016-17 beginning balance. As a result, the projected forecast balance in the next biennium is now $1.869 billion, an increase of $832 million over the November forecast.”
