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 proud to see Republican-led restraint has paid off by providing the state a $641 million surplus,” said Senator Jeff Howe (R-Rockville). “As a result of fiscal control and not giving into Democrat’s excessive budget proposals, our state’s financial future is much more optimistic than it would have been. Unfortunately, we won’t get a clearer picture until the February forecast. With Governor Walz’s lockdowns and the COVID-19 pandemic, our future is still in jeopardy. At a time when Minnesotans are struggling, our government should commit to investing in you.  That means no new taxes, returning the surplus to taxpayers’ wallets, and eliminating wasteful government spending that offers little to residents in return. Working together, using these commonsense reforms, we can restore Minnesota on a path of prosperity.”