February state budget forecast shows looming deficit
On Thursday, March 6, Minnesota Management and Budget (MMB) released its annual February revenue forecast, providing information and an outlook for the state’s financial picture. The latest forecast shows a $456 million surplus at the end of fiscal year 2027, $160 million less than was projected in November’s forecast. The February forecast also shows an increased deficit of $5.995 billion in the 2028 – 2029 fiscal years which is a $852 million increase from November’s forecast. The forecast numbers do not account for any new spending, meaning that new spending bills passed this legislative session will further increase the deficit down the line.
