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.

“I have said time and again that government’s job is to deliver the best value for every taxpayer dollar without taking more than it needs,” said Senator Mark Koran (R-North Branch). “As we cut taxes and improve agency function and accountability, we will continue to see healthy budgets like this one. This demonstrates what we already know – raising taxes on hard working Minnesotans is not the answer. You can rest assured that we will continue to work on your behalf, advocating for your priorities and cutting waste so you can keep your money.”

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.