The office of Minnesota Management and Budget (MMB) on Thursday released their annual November economic forecast. The report, which details the state’s budget picture, projected a surplus of $1.62 billion for 2020-21 budget cycle. By statute, $284 million of the surplus is allocated to the budget reserve, which is now full funded at $2.36 billion. After the reserve transfer, Minnesota is left with a $1.33 billion surplus.

“The surplus clearly signifies the Government has taken more than enough from Minnesotans” said Senator Paul Anderson (R-Plymouth). “As a defender of the taxpayer I believe this money belongs to the people. Agencies like the Department of Human Services can no longer be allowed to perpetuate irresponsible spending and the waste of taxpayer dollars. Advocating for renewed accountability remains our primary commitment.”

Since taking the majority in 2017, Republicans have focused on strengthening Minnesota’s economy by connecting employers to the skilled workers they need with investments in career and technical education, and scholarships for students entering in-demand fields. Republicans have also prioritized tax relief for the people who make the economy churn: college graduates, working families, Main Street businesses, and farmers. In consecutive budgets, the Republican majority passed a $650 million tax relief package that was the largest in nearly two decades and the first middle class tax cut in twenty years.

“We will continue to focus on limiting government spending, eliminating the social security tax, and lowering taxes on Minnesotans to maintain a healthy economy that will serve the priorities of the communities we represent,” Senator Anderson concluded.