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On Thursday, Feb. 29, 2024, the Office of Minnesota Management and Budget (MMB) released the February Forecast, updating the forecast released in November 2023. The state is required to issue two budget forecasts — one in November and an updated forecast in February. These forecasts provide a projected outlook for the state’s budget, including revenues and expenditures. This forecast gives the governor and the legislature a starting point for building their supplemental budget recommendations.
The November forecast projected a $2.4 billion balance for the current fiscal year, FY 24/25. The forecast projected a balance of $82 million in FY 26/27.
The updated forecast shows a projected $3.7 billion balance (surplus), an increase of $1.3 billion from November, for the current biennium (FY 24/25) and a $2.2 billion balance (surplus) for the next biennium (FY 26/27). This increase came because of higher-than-expected consumer spending and corporate tax receipts. However, there is a projected budget imbalance in FY 26/27 of $1.4 billion due to increased levels of spending. This is not a budget deficit, because the budget is balanced and with a projected surplus — but the legislature will have to address the budget imbalance in the budget for the next biennium. MMB Commissioner Erin Campbell suggested that much of this projected budget surplus is what is known as one-time money (single-use funding) and not for ongoing funding.
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The two largest areas of spending in the state budget are E-12 Education and Health and Human Services.
The increase in education spending largely comes from increased costs for special education. The increase in health and human services is largely due to increased Medical Assistance spending.
State inflation is projected to be $842 million, $38 million less than November.
The governor and the legislature will use this forecast to develop possible supplemental budget proposals; however, the state is not required to pass a supplemental budget.
Watch the February Forecast Press Conference with MMB Commissioner Erin Campbell, State Economist Dr. Laura Kalambokidis and State Budget Director Ahna Minge.
Click here for the February Forecast Presentation and the full Budget and Economic Forecast document.
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DATES TO REMEMBER
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Committee Deadlines
The House and Senate have adopted committee deadlines. Here are the two deadlines for the 2024 session:
- Friday, March 22: Committees in both bodies must act favorably on bills that are not major appropriation or finance bills.
- Friday, April 19: Committees in both bodies must act favorably on major appropriation and finance bills.
Legislative Recess
The legislature will recess for the observance of Easter, Eid, and Passover during the 2024 regular session. Both the Senate and House will remain open — but no committee meetings or floor sessions will take place during these times.
- Easter recess
- Begins on Wednesday, March 27 at 5 p.m.
- Legislative activities resume on Tuesday, April 2 at 12 Noon
- Eid recess (may change based on religious practice and the lunar calendar)
- Begins on Tuesday, April 9 at 5 p.m.
- Legislative activities resume on Thursday, April 11 at 12 Noon
- Passover recess
- All day on Monday, April 22 and Tuesday, April 23
- Legislative activities resume on Wednesday, April 24 at 12 Noon
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LEGISLATIVE RETIREMENTS
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For an up-to-date list of legislative retirements, please visit the Legislative Reference Library’s list of retirements. Two members have left the legislature since the 2023 Legislative Session adjourned in May 2023:
- Rep. Ruth Richardson (DFL-Mendota Heights) resigned Sept. 1, 2023. This seat was won by Rep. Bianca Virnig (DFL-Eagan) who was seated on Jan. 12, 2024.
- Former Speaker and House Minority Leader Rep. Kurt Daudt resigned Feb. 11, 2024. Gov. Walz set the date for a special election to fill this seat as Tuesday, March 19 — with Thursday, Feb. 29 as the date (if needed) for a special primary election. Filed candidates include Bryan Lawrence and Rachel Davis (GOP), and Brad Brown (DFL).
Other notable retirements include:
- Rep. Jamie Becker-Finn, current House Judiciary and Public Safety Chair
- Rep. Pat Garofalo, current minority lead, House Ways and Means
- Rep. Deb Kiel, current minority lead, House Human Services Policy
- Rep. Liz Olson, current House Ways and Means Chair
- Rep. Gene Pelowski, current Higher Education Chair and most senior House member
- Rep. Laurie Pryor, current House Education Policy Committee Chair
- Rep. Frank Hornstein, current House Transportation Finance and Policy Committee Chair
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