Minnesota

Minnesota

Budget Cycle
Biennial

Governor Submits Budget
January (4th Tuesday)

Fiscal Year Begins
July 1 

Governor Signs Budget 
May

Budget Links 

FY2022-2023 supplemental (proposed)
FY2022-2023 (enacted)
FY2020-2021
 (enacted)
FY2018-2019 (enacted)

Proposed Supplemental Budget - Fiscal Years 2022-2023

On January 26, Minnesota Governor Tim Walz released a supplemental budget request for the current fiscal 2022-2023 biennial budget. The proposal is based on a November 2021 forecast that projects a $7.746 billion available general fund balance for the current biennium. The governor is proposing general fund budget changes of $7.583 billion; this total includes the general fund impact from the 2022 Local Jobs and Projects Plan. After recommended changes for the current fiscal 2022-2023 biennial budget, the remaining budgetary balance is $163 million. Under the governor’s revised, supplemental budget proposal, total expenditures and transfers are expected to grow 9.3 percent in fiscal 2023 compared to fiscal 2022. Fiscal 2023 tax revenues are projected to grow 6.0 compared to fiscal 2022. The balance before reserves is estimated at $3.48 billion.

 

Proposed Budget Highlights 

The governor’s “To Move Minnesota Forward” supplemental budget proposal is focused on four main areas: investing in local jobs and projects; expanding economic opportunity; supporting children and families; and protecting health and safety.  Specific proposals include:

 

Investing in Local Jobs and Projects
  • $2.7 billion overall investment, including $2 billion in general obligation bonds
  • Includes funding directed at asset preservation, infrastructure, housing and homelessness, community and equity efforts, and environmental stewardship

Expanding Economic Opportunity

  • Includes delivering $700 million in direct payments to Minnesotans through Walz Checks
  • Other initiatives are focused on advancing workforce development; increasing educational opportunities; lowering costs for consumers; cutting taxes for families and small businesses; ensuring broadband access for everyone; fostering business development statewide; and supporting farmers and livestock producers

Supporting Children and Families

  • Proposals are centered around expanding access to childcare and Pre-K; investing in paid family and medical leave; strengthening schools and supporting the education workforce; ensuring no child goes hungry; ensuring student success for years to come; prioritizing mental health and well-being; and ensuring a healthy beginning for every young Minnesotan

Protecting Health and Safety
  • Recommendations are focused on funding local law enforcement and first responders; reducing crime and increasing community trust; standing up a statewide violent crime initiative; prioritizing youth intervention and juvenile justice; legalizing cannabis for adult use; expanding access to high-quality, affordable health care; providing health care for Minnesota kids; ensuring every Minnesotan has a safe and affordable place to call home; addressing climate change to create a healthy future; and taking care of veterans