On Thursday, Minnesota Management and Budget (MMB) released its annual November budget forecast, showing an estimated budget surplus of  $1.332 billion for the 2020-2021 biennium.  The forecast, which is updated twice each year, reports on the state’s financial health.

Today’s surplus announcement is excellent news for the people of Minnesota showing that the Republican leadership and our conservative approach of lowering taxes and slowing down the growth in government spending have paid off in a big way.

Our new surplus is one of the largest the state has ever seen, and the state reserve is not only at its highest amount, but it has also met its “Fully Funded” goal for the first time ever.  Both of these details point to the current strength of our state’s economy.  We should continue to give more economic freedom to Minnesota’s middle class, giving you more control, and allowing us to focus on issues that impact you, such as health care and education, without the threat of jeopardizing your bottom line.

In addition, we can look into other ways to help Minnesota families with additional middle-income tax cuts, a further phase-out of the Social Security income tax, and long-term road and bridge enhancements.

In accordance with Minnesota law, the forecasted surplus accounts for an automatic transfer to the state’s budget reserve, which is now fully funded at $2.359 billion. The next legislative session is scheduled to convene on February 11, 2020.