On Wednesday, Minnesota Management and Budget (MMB) released the state budget forecast, showing a mixed picture of the state’s financial outlook. The forecast indicates a $616 million surplus for the FY26-27 biennium, which is far less than anticipated. MMB also forecasts a structural imbalance ranging from $3.5 billion to $5.1 billion for the FY28-29 biennium, causing concerns about the state’s future financial stability.
For more information on the budget, you can read the entire forecast here as well as the presentation documents.
HOUSE COMMITTEE UPDATE
With the 67-67 tie in the House, much is still unknown about how power-sharing will work in the next legislative session. However, co-leaders Rep. Melissa Hortman and Rep. Lisa Demuth have agreed to a committee structure and appointed committee chairs. Under this agreement, committees will be chaired by DFL and Republican co-chairs and committee membership will be equally divided. Committee chairs were recently named, but committee membership is not yet determined.
