CHICAGO — Minnesota expects to close out its current budget cycle with a $1.3 billion balance but faces headwinds going into its next two-year cycle with a looming $1.1 billion deficit as revenue growth can’t meet costs and the state won’t have the one-time revenues that helped balance its current books.

The latest revenue figures were released Wednesday in the state Management and Budget Office’s annual November forecast. The state expects to collect $35.8 billion of revenue in the current biennium that ends June 30. That’s down from $68 million projected in the state’s earlier forecast. The decline was partially offset by a reduction in spending of $43 million.

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