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.  

Senate Jobs Committee Chair Eric Pratt (R-Prior Lake) issued the following statement:

 “It is very good news that the state is in a better financial position than we expected 6 months ago. For me, the big takeaway is still that we must exercise extreme caution. We still have a budget deficit on the horizon, and while it is more manageable than anticipated, it will still require some tough choices. 

“However, we are better positioned now to provide some urgent relief to employees and businesses who have been forced to close down by the governor’s recent executive orders. Even though the state’s budget picture is better than we expected, we can’t lose sight of the fact that too many Minnesotans are out of work and that this is still incredibly hard on family checking accounts.”