Minnesota's projected budget deficit for 2014-15 has shrunk to $627 million, which is down more than 40% from the last estimate.
The last forecast, released in December, showed a $1.1 billion deficit. That's the one Gov. Mark Dayton used to build his budget. He will release a supplemental budget sometime in March to account for the changed projection.
Republican State Senator Jeremy Miller told Winona Radio News the new forecast is good news since there is already a $2.5 billion dollar surplus in the current budget which ends on June First. The better forecast could prompt Dayton to scale back his proposed tax increases.