Minnesota officials will provide a state budget update on Tuesday as it addresses the fallout from the COVID-19 shutdown.
Budget projections for upcoming bienniums typically happen in November and February, but state revenues have been severely hampered by the COVID-19 outbreak, meanwhile spending to support state residents during social distancing efforts has increased.
On Tuesday, Minnesota Management and Budget (MMB) announced that MMB Commissioner Myron Frans will give an update on the state's outlook this Tuesday, May 5.
The announcement from MMB notes that since the February update, "economic conditions have dramatically weakened, and government costs related to COVID-19 have increased."
As part of the announcement, a new projected surplus or deficit for the 2020-21 biennium will be released.
Since the COVID-19 pandemic arrived in Minnesota in March, the state has since enacted shutdown measures including the ending of dine-in service at restaurants and bars, as well as the closure of school buildings.
While more and more businesses have since been allowed to reopen during the ongoing Stay at Home order, the state has still received more than half-a-million unemployment insurance applications since Mar. 16.
During the last budget update, MMB was projecting a $1.513 billion surplus for the 2020-21 biennium.
Since then, the Minnesota Legislature has passed a series of spending measures that included a $200 million funding package to support the state's healthcare system.