CHICAGO — With its economy on the mend, Minnesota now expects to collect an additional $323 million in its current two-year budget cycle based on its annual February revenue forecast.
Under state law, the first $5 million goes to replenish its reserves that were diminished to help balance past budgets hit hard by the recession. The new deposit will bring the account’s total to $653 million. “This forecast confirms the last forecast — our state’s economy is growing and our budget situation is improving. The trouble is that we still have lots of IOUs, so it’s not a time to let down our guard,” management and budget commissioner Jim Schowalter said in a statement.