Today, Minnesota Management and Budget (MMB) released their annual February budget and economic forecast. Their estimations show a $1.513 billion surplus for FY 2020-21. This reflects a healthy state budget and a growing economy. Lawmakers will use this as a guide as they balance tax relief and any potential spending this session.

“The surplus includes a $181 million increase since the November forecast which reinforces that our reforms are actively improving the state economy,” said Senator Paul Anderson (R-Plymouth). “The state reserve account is full, and we are in a good position to invest in state-wide infrastructure improvements as well as focus on easing the tax burden on hard working Minnesotans.”

The state budget was fully funded last session leaving legislators with an important opportunity to discuss and deliver on tax relief and/or supplemental spending.

“The fiscal responsibility and reforms we have enacted these past three years have contributed to our strong forecast numbers,” Senator Anderson added. “We will use the surplus to narrow our focus and improve the issue areas that Minnesotans face every day – public safety, health care, education, tax relief, and infrastructure.”