Minnesota budget forecast shows slimmer deficit

Some optimistic fiscal news, for a change.
Some optimistic fiscal news, for a change.
Photo: Wiki.

Minnesota's budget deficit is looking about $463 million slimmer than estimated last fall, according to a new forecast.

SEE ALSO: Minnesota will be one of the states least affected by sequestration, but it's still going to suck

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.

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