On Tuesday, Minnesota Management and Budget (MMB) released its November 2020 Forecast projecting a $641 million surplus. This is an improvement of $2.955 billion compared to deficit estimates published at the end of October. This change is driven by a $1.912 billion increase in forecasted revenues and a $1.058 billion decrease in forecasted expenditures. However, a $1.273 billion budgetary shortfall remains for FY 2022-23.

“This budget forecast is generally good news for the people of Minnesota, but it should not be taken for granted given the future financial hurdles we all face,” said Senator Michelle Benson (R-Ham Lake).  “Our surplus is the continued success of reforms that we have delivered over the past three years, including the largest tax relief package in nearly two decades has benefited seniors, college graduates, main street businesses, farmers, and more. That investment in Minnesotans, coupled with the fiscal restraint we have shown in opposition to Democrat’s unprecedented spending proposals, is the sole reason we are not already facing financial doom.”

“With the current pandemic and the looming consequences of our financial lockdown, our government must accept that current state spending unsustainable in the future,” continued Senator Benson. “With that in mind, it is my hope that in approaching the upcoming budget that our leaders govern with control, eliminating waste and prioritizing services that best support Minnesotans.”