Dec. 4 - 2024 Budget & Economic Forecast

Gov. Tim Walz speaks during a press briefing about the latest state budget forecast. Seated, from left, are Management and Budget Commissioner Erin Campbell, State Economist Dr. Anthony Becker and State Budget Director Ahna Minge who gave an overview to the media on the latest budget forecast before Gov. Walz spoke.

When House and Senate members return to the Capitol on Jan. 14 to begin the 2025 Legislative Session there is projected a $616 million surplus for the next two-year budget. The Senate currently has a one vote majority and the House is evenly split 67-67 which won’t make negotiating a solution on a tax and spending plan easy and legislators could possibly face a $5.1 billion shortfall in the 2028-2029 budget forecast.

Minnesota State Economist Anthony Becker explains a portion of the latest state budget forecast.

Gov. Tim Walz answers questions about a potential $5.1 billion shortfall in the 2028-29 fiscal years during the latest budget forecast.

Senate Majority Leader Erin Murphy, left, House Democratic Speaker designate Rep. Melissa Hortman, center and Revenue Commissioner Paul Marquart, right, with briefing books in hand listen to Gov. Tim Walz as he reacts to the latest budget forecast.

House Democratic Speaker designate Rep. Melissa Hortman, left and Senate Majority Leader Erin Murphy, right, react to a budget surplus and a possible future budget deficit during a press briefing on the latest budget forecast.

House Republican Speaker designate Rep. Lisa Demuth, left and Sen. Eric Pratt listen as Democratic House and Senate leader react to the latest budget forecast.

House Republican Speaker designate Rep. Lisa Demuth, right, reacts to the latest state budget forecast. Join ing Speaker designate Demuth are Rep. Elliot Engen, center and Sen. Eric Pratt, right.