On Tuesday, Minnesota Management and Budget (MMB) released an updated budget forecast, which projects an estimated budget deficit of $2.426 billion for the 2020-2021 biennium. The updated forecast, which is used to guide consideration of spending bills at the legislature, anticipates dramatically lower revenues as a result of the coronavirus pandemic. In accordance with state law, the balance of the state’s budget reserve is $2.359 billion. In response, Senator Bill Weber (R-Luverne) issued the following statement:

“Just like that, our budget surplus has turned into a budget deficit – a bitter representation of the massive economic disruption facing our state and nation amid the coronavirus pandemic. The only way to begin an economic recovery is to allow Minnesotans to safely return to work and opening our communities back up for business in a safe and healthy manner.

“As we confront these budgetary problems at the state legislature, we will undoubtedly confront many challenges. As we consider a potential bonding bill, supplemental budget requests, and begin work on crafting a balanced state budget, it has never been more important that we are responsible stewards of taxpayer dollars.

“Thanks to the sacrifices of Minnesotans across the state, we have been successful in our efforts to ‘flatten the curve’. I believe we can now begin to provide a pathway to businesses for reopening in a way that respects the health and safety of employees and consumers. That’s the first step in our economic recovery – and my colleagues and I stand ready to work together to confront these challenges on behalf of the people of Minnesota.”

The balance of the state’s budget reserve is $2.359 billion in accordance with state law. The 2020 legislative session must adjourn by May 18.

Senator Bill Weber represents Cottonwood, Jackson, Lincoln, Lyon, Murray, Nobles, Pipestone, and Rock counties in the Minnesota Senate. He serves as chair of the Senate Agriculture, Rural Development, and Housing Policy Committee.