The budget surplus can largely be attributed to a $230 million decrease in spending, mostly in lower-than-anticipated enrollment in Health and Human Services programs. The state also took in about $93 million more in revenues than anticipated, state budget officials announced on Wednesday.

Minnesota will have $876 million more than it is projected to spend in the current two-year budget cycle. The surprise surplus upends fears that the state would once again be facing a budget hole heading into next year's legislative session.

Officials from MMB had some worrisome news on the state's fiscal future in light of the still-struggling economic recovery and increasing chance that the U.S. will face another recession.