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State budget surplus projected to be $1.037B

The Minnesota Management Budget Office released its forecast for FY 2016-17.  As of November, it’s projecting a surplus of $1.037B.  This surplus is attributed to increased taxes collected from an expanding workforce and reduced spending in human services. Also included in the report is a downgrading of the US economic outlook over the next 5 years.  Minnesota’s unemployment rate continues to track ahead of the national average by almost 2 %. 

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