Projected Minnesota Budget Surplus Increases

ST. PAUL, Minn. (AP) — Minnesota's projected surplus has grown to over $1.5 billion.

The new estimate from Minnesota Management and Budget is $181 million higher than the agency's last budget forecast in November.

And it means lawmakers will have more money available to spend, save or cut taxes.

The agency attributes the larger surplus to a small increase in tax revenue projections and a small reduction in spending estimates for the current two-year budget period, which runs through June 2021. The agency says Minnesota's economic outlook remains stable, and it's still projecting slower growth in the future.