The Office of Management and Budget (MMB) released its February revenue forecast earlier today, providing an updated outlook for Minnesota’s financial future. According to the report, the state has a $1.513 billion surplus for the remainder of the 2020-21 budget cycle –$181 million larger than what was projected in the November forecast. Looking ahead, the forecast projects stable, but slower economic growth with fewer collections continuing into 2022-23.

“This February forecast is precisely why my colleagues have worked hard to pass significant tax relief over the past four years,” said Senator Bill Ingebrigtsen (R-Alexandria). “When you allow people to create value for themselves and their communities, you can immediately see results. Once we return more of that surplus to Minnesota families, our opportunities for economic growth will be even stronger. Minnesota has serious challenges on the horizon, but this forecast shows we’re headed in the right direction.”

Last week, Senate Republicans announced a multifaceted plan to return Minnesota’s budget surplus to taxpayers. The Senate Republican tax plan emphasizes putting money back in the pockets of families and individuals, particularly middle-income and low-income earners, so they have more security, freedom, and flexibility to chase their dreams. This is the marquee piece of Senate Republicans’ Vision 2020 Agenda, which was unveiled in January.