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.

“Over the last few years, we have prioritized responsible government spending,” said Senator Bruce Anderson (R-Buffalo). “Focusing on tax cuts and strengthening our economy resulted in the healthiest budget we have seen in years. Moving forward, we will concentrate on your priorities, continue this trend of responsible spending, and identify avenues to cut government spending so you can keep more of your hard-earned money.”

Since 2017, the majority has 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. They 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 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.