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Positive Balance Projected for Minnesota in Latest Economic Forecast

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Today, Minnesota Management and Budget released the 2021 February Economic Forecast for the state. There is no longer an anticipated shortfall for Fiscal Year 2022-23. Now, Minnesota projects a positive balance of $1.6 billion because of a higher revenue forecast, lower state spending and an increased surplus for the current fiscal year. View the presentation.

USDA Forecasts Near Average 2020 Net Farm Income

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USDA is forecasting 2020 net farm income to increase 3.3 percent compared to 2019. Net farm income is expected to hit $96.7 billion in 2020, an increase of $3.1 billion compared to 2019. However, USDA expects 2020 net cash farm income to be down nine percent to $109.6 billion. Total direct government payments to the farm are expected to decrease $8.7 billion in 2020 to $14.98 billion. View the report here.