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Minnesota faces potential $4.7B deficit due to pandemic

Minnesota faces potential $4.7B deficit due to pandemic

Created: August 01, 2020 09:06 AM

ST. PAUL, Minn. - Minnesota faces a potential $4.7 billion deficit in its next two-year budget due to economic fallout from the coronavirus pandemic.

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The Minnesota Management and Budget office said Friday that the pandemic has made economic conditions “extremely volatile" as a new planning estimate shows a continued deterioration of state finances.

Minnesota has received more than $2 billion from the federal government in coronavirus relief, but that money can't be used to fill gaps in revenue collections.

Copyright 2020 The Associated Press. All rights reserved.

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