On Wednesday, Dec. 6, Minnesota Management and Budget (MMB) released its annual November revenue forecast, which provides information and outlook for the state’s financial picture. The latest forecast is projected to be $2.4 billion, up $808 million from the end-of-session estimate. Though there is currently a short-term surplus, MMB indicates a looming $2.3 billion deficit beginning in 2025.

Senator Julia Coleman (R-Waconia) released the following statement:

“Last session, Democrats failed to pass meaningful tax relief for hardworking Minnesotans. Instead, they chose to raise taxes by nearly $10 billion, further burdening Minnesota families, small businesses and schools. The latest budget forecast emphasizes just how harmful their out-of-control spending is for our state.

“With Minnesotans already feeling the pressure of heavy inflation, they cannot afford another session of one-party Democrat control. I am urging my colleagues across the aisle to practice fiscal responsibility and prioritize Minnesota taxpayers.”

Click here to read the full MMB November Budget and Economic Forecast.