Minnesota vs New Jersey Budget FY2023
Spending, revenue and category allocations compared side by side.
Key Budget Metrics โ Minnesota vs New Jersey
Minnesota
$55.9 billion
New Jersey
$87.2 billion
Minnesota
$27.2 billion
New Jersey
$48.8 billion
Minnesota
โ
New Jersey
โ
Minnesota
$30.5 billion
New Jersey
$51.5 billion
Minnesota
$3.2 billion
New Jersey
$306 million
Minnesota
$531.5 billion
New Jersey
$887.2 billion
Receipts & Expenditure Comparison
| Particulars | Minnesota | New Jersey | Difference |
|---|---|---|---|
| Total Expenditure (all funds) | $55.9 billion | $87.2 billion | -35.8% |
| General Fund Expenditure | $27.2 billion | $48.8 billion | -44.2% |
| Total Revenue | โ | โ | โ |
| General Fund Revenue | $30.5 billion | $51.5 billion | -40.8% |
| Rainy Day Fund | $3.2 billion | $306 million | +946.4% |
| State GDP | $531.5 billion | $887.2 billion | -40.1% |
Minnesota per resident
$9,592
New Jersey per resident
$9,128
Minnesota โ Spending Composition
New Jersey โ Spending Composition
Category-wise Allocation โ Minnesota vs New Jersey
| Category | Minnesota | New Jersey | Difference |
|---|---|---|---|
1. All Other | $18.4 billion | $29.1 billion | -36.8% |
2. Medicaid | $17.6 billion | $22.0 billion | -20.0% |
3. K-12 Education | $12.2 billion | $20.0 billion | -39.2% |
4. Transportation | $5.1 billion | $7.3 billion | -30.2% |
5. Higher Education | $1.9 billion | $7.2 billion | -73.6% |
6. Corrections | $705 million | $1.5 billion | -51.6% |
Compare Another Fiscal Year
Understanding This Comparison
State budgets are compared on an all-funds basis โ the total across the general fund, federal grants, and dedicated state funds. This is the fairer measure, because states differ widely in how much they route outside the general fund. The general fund row shows the discretionary portion that state legislatures actually debate.
Fiscal years differ between states: most run July to June, Alabama and Michigan run October to September, and New York runs April to March. Figures labelled with the same fiscal year therefore cover slightly different periods.
Definitions for every term used here are in the US budget glossary. To compare across countries, see India budget comparisons.
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