March 6, 2025
Minnesota’s budget outlook has been adjusted downward amid significant near-term economic and fiscal uncertainty. The FY 2026-27 projected balance is now $456 million, $160 million lower than prior estimates. Higher forecast inflation results in increases in projected revenues and expenditures. Spending growth outpaces revenue growth through projections for fiscal year 2029. The projected general fund shortfall for the FY 2028-29 biennium is now $5.995 billion, $852 million worse than November estimates. Shifting policies at the federal level introduce significant uncertainty to the projections.
Accessibility
To request a reasonable accommodation and/or alternative format of documents provided on this page, contact Minnesota Management and Budget at 651-201-8000 or accessibility.mmb@state.mn.us.
