The biennial budget forecast for FY16-17 was released this morning, providing new information and context for the upcoming 2015 legislative session.
From the office of Minnesota Management and Budget, the state now shows a total of $1.037 billion available for the upcoming budget. This includes a carry-over of the $373 million ending balance for FY15. Revenues are forecasted to be up 6.4%, with spending up 4.8%.
Income tax receipts ended FY 2014 ahead of the February forecast, contributing $194 million of the $279 million increase in FY 2014-15 forecast revenues. The full Budget and Economic Forecast is posted online.