The office of Minnesota Management and Budget (MMB) today released its annual November economic forecast. The report, which details the state’s budget picture, projects a surplus of $641 million for the current 2020-21 budget cycle, and a $1.27 billion deficit for years 2022 and 2023. The forecast represents a dramatic improvement from the $4.7 billion deficit projected in May.

Senator Mike Goggin (R-Red Wing) issued the following statement:

“It is good news that next year’s budget shortfall is smaller than we thought it would be, but it doesn’t change much about how we should approach the budget. The pace of budget growth in recent years is unsustainable, and we have a duty to go through each budget area and eliminate wasteful spending. We can’t raise taxes when all of our small businesses and employees are already struggling just to make it through the governor’s Covid-restrictions. And we have to do everything possible to get our economy going at the same strong pace we had before.”