ST. PAUL, Minn. – Judging from the latest state budget surplus projection, Minnesota’s economy is tooting right along. The surplus projected in the new state Budget Office report: Just over $3.7 billion at the end of the current biennium 16 months from now. The previous projection, in December, was $2.4 billion. Tax collections, the basis for the budget, reflect economic health at both corporate and personal levels. To put a $3.7 billion surplus in perspective, think of the current state budget as $72 billion.
Verbatim
State Budget Office: “The near-term economic outlook has improved, with growth expected to persist through 2027.” Why? Partly because corporate tax revenues are showing gains due to higher-than-expected corporate profits.