ST. PAUL – State officials issued a new economic forecast for Minnesota Thursday, with a looming $1.5 billion shortfall through 2027 overshadowing a $3.715 billion surplus for the current biennium.
State Rep. Dean Urdahl, R-Acton Township, said the uneven bottom line is a call for legislators to take a tempered approach to fiscal matters.
“Yes, there is a surplus now, but there are concerns about future economic developments, so we need to be judicious in our state spending,” Urdahl said. “Time will tell what the actual bottom line looks like as we get closer to the next biennium. For now, we would be best served by taking a balanced approach.”
The state is fully funded for the current two-year cycle, meaning no additional state spending is necessary this session. The new bottom line will guide legislators through supplemental fiscal considerations the rest of the 2024 session.
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