Minnesota’s office of Management and Budget (MMB) on Friday released its February revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report projects a surplus of $1.6 billion for the next budget cycle, which begins in July. The surplus is a reversal from the November forecast, which found a $1.27 billion deficit for the upcoming budget cycle.

Senator Scott Newman (R-Hutchinson) released the following statement:

“A budget surplus is better than a deficit, but that does not reflect the reality that many Minnesotans are facing right now. Small businesses and their employees — especially in the hospitality industry — have been hammered over and over and over by the governor’s cruel executive orders. We should be careful to celebrate an improved economic picture when so many of our neighbors are still barely surviving because of the governor’s choices. The surplus isn’t a license for the government to spend more. It provides us with an opportunity to help businesses and employees with targeted tax relief.”