Feb. 27 - February Budget & Economic Forecast

Minnesota Management and Budget (MMB) projects a $1.3 billion improvement over last year’s budget projection and a $3.7 billion surplus over the next 16 months. Instead of the state facing a $3 billion short fall in the middle of 2029 MMB is forecasting a $377 million surplus. All of these projections could change the state’s financial picture if federal funds are taken back, federal immigration policy and changing tariff policies that lead to financial insecurity.

Commissioner of Minnesota Management and Budget Erin Campbell presents the February Budget Forecast during a news conference at the Capitol.

Gov. Tim Walz, right, watches as his commissioner of Management and Budget concludes the presentation of the February Budget Forecast during a news conference at the Capitol. Chris Schmitter, left, Gov. Walz Chief of Staff, joined him at the budget release.

Gov. Tim Walz reacts to a question about the February Budget Forecast during a news conference at the Capitol.

DFL House Caucus Leader Zack Stephenson, left, and DFL Floor Leader Jamie Long, center, and others listen as Gov. Tim Walz takes questions on the February Budget Forecast during a news conference at the Capitol.

Speaker of the House Lisa Demuth (GOP), right, reacts to the release of the February Budget Forecast during a news conference at the Capitol. Republican House Floor Leader Harry Niska, left, also made comments on the budget forecast.

Senate Minority Leader Mark Johnson (GOP) reacts to the release of the February Budget Forecast during a news conference at the Capitol.

Senate Majority Leader Erin Murphy (DFL), right, reacts to the release of the February Budget Forecast during a news conference at the Capitol. Leader Murphy is joined at the news conference by (L to R) Rep. Cedrick Frazier (DFL), co-chair House Ways & Means Committee, DFL Floor Leader Jamie Long and DFL House Caucus Leader Zack Stephenson.