The updated state budget forecast, which will be officially released later Wednesday morning, shows that the state will have a $323 million surplus in its current two-year budget, according to Minnesota Public Radio.

In December, state economists predicted the state would have an $876 million surplus for the rest of the biennium. That money was used for the state budget reserve and cash flow account.

The forecast helps lawmakers decide how to spend state funds. By law, an additional $5 million needs to go to the state's reserves.

Last year's budget forecast revealed a $5 billion deficit. The disagreement between Gov. Mark Dayton and Republican lawmakers over how to close that gap led to the longest state shutdown in history.

The state will also have to start paying back some of the money borrowed from K-12 schools that was used to solve the deficit.