Earlier today, the office of Minnesota Management and Budget (MMB) released its February revenue forecast, which provides information and outlook for Minnesota’s financial picture. According to the report, the state has a $329 million surplus for the remainder of the budget cycle – an improvement of $518 million from the November forecast. Looking ahead, the forecast projects a surplus of $313 million for 2020-2021 biennium.

State Senator Roger Chamberlain (R-Lino Lakes) released the following statement:

“This forecast is precisely why my colleagues and I worked so hard in 2017 to pass the largest tax relief package in two decades. When you empower people to create value for themselves and their communities that is precisely what they do. After only one session of tax relief, our potential for growth is crystal clear. Once we update and simplify our tax code this session, our opportunities for economic growth will be even stronger. Minnesota has serious challenges on the horizon, but we are finally heading in the right direction.”