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2021 Minnesota Legislative Update | Faegre Drinker Biddle & Reath LLP

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In late February 2021, Governor Tim Walz and Minnesota Management and Budget officials released Minnesota’s February Economic and Budget Forecast. The budget forecast revealed a $1.571 billion surplus for the Fiscal Year 2022-23 biennium compared to a nearly $1.3 billion deficit projection in November.
For a breakdown of key reasons of this $2.7 billion projection swing plus Governor Walz’s latest revisions to the state’s COVID-19 restrictions view our legislative update infographic.
Please see full infographic below for more information.
LEGISLATIVE UPDATE• $940 million from the current biennium carrying forward• $491 million falling to the bottom line from a 2019 law• Federal COVID relief packages $900 billion from December and $1.5 trillion being considered by Congress • Reduced spending in education and health care • Increased revenues from individual income, corporate, a ....

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