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 Torrey Westrom (R-Alexandria) released the following statement:

“During the 2023 session, Democrats went on a reckless spending spree and failed to pass meaningful tax relief and substantial tax rebate checks for hardworking Minnesotans. With a historic $19 billion surplus, we had more than enough funding to provide for the needs of our state. Yet Democrats chose to spend the entire surplus and unfathomably raise your taxes and fees by almost $10 billion.

“I and other Republicans warned Democrats that their massive spending agenda would be unsustainable, and unfortunately, this is now a reality. After just a year of a Democrat majority, we are seeing how dangerous and lopsided one-party control is for the people of Minnesota. The looming $2.3 billion deficit is a stark reminder of how extreme Democrats have become and how they are not good stewards of your taxpayer dollars.”

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