On Wednesday, December 6, Minnesota Management and Budget (MMB) released its annual November revenue forecast providing information and an outlook for the state’s financial picture.

The latest forecast projects a surplus of $2.4 billion, up $808 million from the end-of-session estimate. However, MMB indicates a budget deficit of $2.3 billion beginning in 2025. 

“Last session, the Democrat controlled legislature and Governor Walz increased government spending by nearly 40%,” said Senator Gary Dahms (R – Redwood Falls). “Even with Democrats raising taxes and fees by nearly $10 billion, there is still not enough to cover their out-of-control spending. Now is the time to refocus the state’s priorities Minnesota taxpayers cannot sustain runaway state spending.”

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