Minnesota’s budget surplus grows to estimated $2.4 billion

October 20, 2023

ST. PAUL, Minn.–Minnesota’s budget surplus has grown to a projected $2.4 billion, and that’s already fueling the debate over spending and taxes ahead of the 2024 legislative session.

A report from Minnesota Management and Budget this week said the state ended its previous two-year budget cycle with a balance around $820 million higher than estimated when the session ended last spring.

Adding in the state’s previously projected surplus, which was estimated at $1.58 billion in May, boosts the surplus to around $2.4 billion.