Press Release: Minnesota Legislative Session Concludes with Budget Agreement
St. Paul, MN – The 2025 Minnesota Legislative Session concluded on May 19, ending without a finalized state budget before the constitutional deadline. However, lawmakers, including the House, Senate, and Governor, established joint budget targets that outline a proposed state budget of approximately $66.5 billion for Fiscal Years (FY) 2026-2027, nearly $5 billion less than the previous budget.
These joint targets include a net spending reduction of $283 million for FY 2026-2027 and around $1.8 billion for FY 2028-2029. If inflationary factors are excluded, the agreement is projected to yield a budget surplus of about $1.9 billion for FY 2026-2027 and diminish a projected $2.2 billion deficit for FY 2028-2029 by roughly 45%.
Although several conference committees managed to finalize parts of the budget before the session’s end, most negotiations remain incomplete. Moving forward, the House, Senate, and Governor have agreed to continue discussions through informal working groups. The Minnesota Legislature aims to finalize the budget shortly, with Governor Walz planning a Special Session in early June to pass the essential legislation before the fiscal year deadline.
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