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Minnesota budget surplus forecast at $2.4 billion heading into 2024

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Minnesota budget surplus forecast at .4 billion heading into 2024


Minnesota’s projected budget remains at a surplus of more than $2 billion, according to a forecast analysis provided by state officials on Wednesday.

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The current Fiscal Year (FY) 2024-25 surplus is projected to be $2.4 billion, an increase of $808 million from previous projections, but a decrease from a historic $17.6 billion surplus previously held.

Every two years, Minnesota politicians create a state budget, known as a biennium.

“Minnesota’s budget and economic outlook remains stable in the current biennium, but a significant structural imbalance constrains the budget outlook in FY 2026-27,” according to an announcement from the Minnesota Management and Budget (MMB) Office.

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Higher expected consumer spending and corporate profit growth raise the FY 2024-25 tax revenue forecast. However, higher expense estimates in Health and Human Services (HHS) and education funding raises total spending in FY 2024-2027, resulting in a negative structural balance in the next biennium, according to MMB.

The projected budget surplus will allow Democrats to continue to shape state priorities as the party deems necessary, having control of the House, Senate, and governor’s office for the first time in more than a decade.

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Historic surplus decreases

In February 2023, Minnesota’s budget surplus was a projected $17.5 billion.

Democratic leaders and Gov. Tim Walz agreed on broad budget targets that added up to nearly $17.9 billion in new spending, including $3 billion for tax cuts.

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The projection included more than $12 billion left from the current biennium due to the state Legislature failing to agree on how to spend much of it in 2022.

At the time, Republican leaders said the targets included too much spending and not enough tax relief.

“Today’s budget targets are a reflection of how Democrats have become all too comfortable with their one-party rule,” House Republican Minority Leader Lisa Demuth, of Cold Spring, said in a statement in March. 

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In December 2022, the state’s projected budget surplus hit a record $17.6 billion.



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Minneapolis man charged in shooting near Minnesota State Fairgrounds on Labor Day

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Minneapolis man charged in shooting near Minnesota State Fairgrounds on Labor Day


FALCON HEIGHTS, Minn. —  A 19-year-old Minneapolis man has been charged in the shooting of three teens near the Minnesota State Fairgrounds on Labor Day.

The man is charged with three counts of attempted second-degree murder and two counts of drive-by shooting toward a person, according to the criminal complaint filed in Ramsey County on Oct. 23.

At 10:20 p.m. on Sept. 2, officers were called to Dugsi Academy at 1085 Snelling Avenue North in St. Paul on reports of a shooting.

Upon arrival, officers found a teen boy suffering from a gunshot wound to his leg. He told police he had been walking to a friend’s car in the parking lot when he heard gunshots. He said he ran toward the train tracks to escape the gunfire and thought he had blown out his knee, but he quickly learned a bullet had struck him.

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The boy told police he did not see who was shooting and had been at the nearby Minnesota State Fair shortly before.

Officers later learned two more teens had been shot and were transported to different area hospitals. The criminal complaint says both victims told police they did not have any issues with anyone and were unsure who would have shot them.

A total of 53 spent casings were found beneath the Snelling Avenue bridge to the east of Dugsi Academy, charges say. An analysis found the casings came from three different guns.

Surveillance video allegedly shows several people exiting a blue sedan before firing their guns from the street and gravel area by nearby train tracks. The suspects then get back into the sedan before leaving the area.

A few hours later, deputies were called to a gas station in Little Canada for a drive-by shooting. Charges say surveillance video showed a blue sedan go out of view shortly before shots rang out. Five more casings from two different guns were recovered from the gas station. Further analysis revealed the casings matched that of those recovered from the shooting near the fairgrounds.

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Investigators learned the blue sedan had been involved in a weapons incident on Aug. 27 where three men pulled a gun on security in Minneapolis. The sedan is owned by the man facing charges in the shooting.

Using license plate readers and phone location data, police were able to place the suspect in the area of both shootings around the time they occurred.

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After a perfect October, Minnesota visits No. 24 Illinois looking for fourth straight win

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After a perfect October, Minnesota visits No. 24 Illinois looking for fourth straight win


Minnesota (5-3, 3-2 Big Ten) at No. 24 Illinois (6-2, 3-2), Saturday, noon ET (FS1)

BetMGM College Football Odds: Minnesota by 3.

Series record: Minnesota leads 40-33-2.

WHAT’S AT STAKE?

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After losing 38-9 last week to No. 1 Oregon, the Illini risk dropping out of the AP Top 25 with a home loss to Minnesota. The Gophers had a perfect October, beating then-No. 11 Southern California, UCLA and Maryland, and will become bowl eligible with a win over Illinois. Minnesota hasn’t beaten two Top 25 teams during the regular season since 2000.

KEY MATCHUP

Illinois QB Luke Altmyer vs. the Minnesota secondary. Altmyer is seventh in the Big Ten in passing yardage (1,667), seventh in passing efficiency (143.9), fourth in TD passes (15) and tied for first for fewest interceptions (3). He’ll be tested by the Gophers, who have allowed just five passing TDs this season. CBs Justin Walley and Ethan Robinson shut down Maryland’s dangerous passing attack last week.

PLAYERS TO WATCH

Illinois: DB Xavier Scott. Named this week one of 15 semifinalists for the Jim Thorpe Award that honors the nation’s best defensive back, Scott is tied for third in the Big Ten with three interceptions and has 29 tackles, two tackles for losses, a sack, two pass breakups and a forced fumble.

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Minnesota: WR Elijah Spencer. In his second season with the Gophers after transferring from Charlotte, Spencer finally had a breakout game against Maryland last week with six catches for 99 yards and two touchdowns. He gives the Gophers another downfield threat in addition to Daniel Jackson, who had nine catches for 117 yards and TDs vs. Maryland after a career-high 10 catches two weeks earlier against UCLA.

FACTS & FIGURES

Illinois has been ranked for seven consecutive weeks, the most since the 2001 Big Ten championship team was ranked for 10 straight weeks … The Illini are the only Big Ten team with three wins over ranked teams this season. Their only losses are to No. 1 Oregon and No. 3 Penn State. … The Gophers beat Maryland 48-23 last week. It was the most points they’d scored in a conference game since 2019, when they beat Maryland 52-10. The 25-point margin of victory was their largest in a Big Ten game since a 31-3 win over Northwestern in 2022. … Minnesota safety Koi Perich leads the Big Ten and is No. 2 in the nation with five interceptions. The freshman also leads the conference with an average of 14.2 yards per punt return. … The Gophers last had a four-game Big Ten winning streak in 2021 — a streak ended by the Illini with a 14-6 win at Minnesota.

___

Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football

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Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.



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NEXT Weather: 5 a.m. report for Minnesota from Oct. 31, 2024

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NEXT Weather: 5 a.m. report for Minnesota from Oct. 31, 2024


NEXT Weather: 5 a.m. report for Minnesota from Oct. 31, 2024 – CBS Minnesota

Watch CBS News


A NEXT Weather Alert is in effect for a very wet Halloween, with morning rain eventually transitioning to snow.

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