Minnesota budget forecast shows slimmer deficit
Minnesota's budget deficit is looking about $463 million slimmer than estimated last fall, according to a new forecast.
Photo: Wiki. Some optimistic fiscal news, for a change.
In November, projections put the 2014-15 deficit around $1.1 billion. The new projection, released by the Minnesota Management and Budget this morning, cuts that down to $627 million.
What exactly this good news will mean for budgeting at the Capitol remains to be seen, but the state is now on track to finish the 2012-13 fiscal year $295 million in the black. The law requires that the majority of that -- $290 million -- go back to the K-12 school shift, and the remainder be put toward the state's budget reserve, which is now at $649 million.
Read the full statement from Commissioner Jim Schowalter here.