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 Jordan Rasmusson (R-Fergus Falls) released the following statement:

“Minnesota serves as one of the most overtaxed states in the nation, and this was only heightened last legislative session. With nearly a $10 billion increase in taxes and fees, Minnesota families, businesses and schools are feeling the impact of Democrats’ costly liberal agenda.

“With the latest budget forecast indicating a $2.3 billion deficit is on the horizon, Minnesotans cannot afford another session of extreme spending. We need to practice fiscal responsibility and protect Minnesota taxpayers.”

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