Minnesota state budget officials will release the new economic forecast Feb. 28.

The snapshot of the state’s economic condition will also set a surplus or deficit number that will guide state budget negotiations the rest of the legislative session.

Gov. Mark Dayton must release his budget proposal next week, which must rely on potentially outdated budget numbers from the earlier, November forecast.

The November forecast, which came out before Congress avoided the so-called fiscal cliff, projected a $1.1 billion deficit for the next two years.

Once the new number is known, Dayton will retool his proposal and legislators will use the number to guide their budget plans.