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.

“I’m glad to see the budget forecast in a more economically sound position than was projected earlier this year,” said Senator Rich Draheim (R-Madison Lake). “That being said, COVID and our current economic lockdown point towards darker clouds on the horizon. With Minnesotans suffering and people facing hard financial choices, we should focus on returning the excess funds to our families, seniors, farmers, and main street businesses. That, coupled with responsible government spending that cuts the pork, will put us on the best path forward as our state prepares to move past this pandemic.”