Today, Minnesota Management and Budget (MMB) estimated a $1.513 billion surplus for FY 2020-21 at their annual February budget and economic forecast. This reflects a $181 million increase since the November forecast. The state budget was fully funded last session leaving legislators with important decisions to make this year. Lawmakers will use this surplus as a guide as they balance supplemental spending and tax relief.

“By cutting spending and reducing waste, we have created a surplus that will be focused on tax relief, education, and healthcare reform,” said Senator Carrie Ruud (R-Breezy Point). “We are excited to see our economy improve so significantly. We will continue to limit unessential spending to relieve the burden unnecessarily placed on families and small businesses. Minnesotans will experience new financial freedom.”

“Minnesotans can rest assured that we have a healthy state budget and a growing economy,” Senator Ruud added. “Now that our state savings account is full for the first time, we will focus on replenishing the Disaster Contingency account. This surplus puts us in a great position to be fully prepared for the future.”