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.

“Minnesota should use this surplus to provide tangible relief for every Minnesotan as we grapple with COVID,” said Senator Mark Koran (R-North Branch). “At the same time, our government must realize the dangers that are present in the future and adjust accordingly. That means no tax increases, decreasing the size of government, and eliminating ballooning waste. This coupled with reforms that help our residents will ensure that we best prepare Minnesota for a future that is financially uncertain.”