The department of Minnesota Management and Budget (MMB) released an interim May forecast to see how the coronavirus has impacted the state budget. Since the February forecast, Minnesota went from a $1.5 billion surplus to a $2.426 billion deficit. The deficit is for the current biennium that ends on June 30, 2021. Although the state has a healthy budget reserve of $2.359 billion, Governor Tim Walz and MMB Commissioner Myron Frans do not think it is prudent to rely solely on the budget reserve. Still, they would use it to buy time for state leaders to determine the best course of action to take during this uncertain and volatile time.
Immediate reactions from the main legislative leaders
MMB budget details
The legislative session ends in just over a week on Monday, May 18. Earlier this week, the legislative leaders said that due to the logistics of getting bills produced during the coronavirus, all committee chairs must finalize agreements by Saturday, May 9, at midnight.
Chair Carla Nelson (R-Rochester) of the Senate Education Finance and Policy Committee said she has been meeting with the three education committee chairs in the House – Chair Jim Davnie (DFL-Minneapolis) of the