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Minnesota now projects $1.6 billion surplus for next budget cycle

The forecast is a dramatic improvement for a budget that was once projected to have a $4.7 billion shortfall.

Gov. Tim Walz
Gov. Tim Walz
Graeme Jennings/Pool via REUTERS

The state of Minnesota’s budget picture brightened dramatically Friday, with an announcement by Minnesota Management and Budget that it now projects a $1.6 billion surplus for the state’s next two-year budget cycle.

This story will be updated throughout the day, but here are the basics:

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