Minnesota’s office of Management and Budget (MMB) on Monday released its February revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report projects a surplus of $9.253 billion for the next budget cycle, which begins in July. The forecast represents an improvement of $1.507 billion from the last forecast.

Senator Mike Goggin (R-Red Wing) issued the following statement:

“Once again, we have another historic surplus. This means the government took too much from taxpayers. I have heard loud and clear from constituents that you want your money back. We have a duty to give it back and that is what the legislature is going to do with real, significant, and permanent tax rate cuts that make your paychecks bigger every single pay period. The Senate will also move to fully eliminate the tax on Social Security income – something I have been working on since I started in the senate. Minnesotans deserve real tax cuts, not election-year gimmicks like Gov. Walz’s plan for a one-time check of a few hundred bucks.”