The office of Minnesota Management and Budget (MMB) today released its annual November economic forecast. The report, which details the state’s budget picture, projects a surplus of $2.4 billion for the 2024-2025 budget cycle. However, Minnesota state spending is projected to grow faster than tax revenue, leading to a projected budget deficit of $2.31 billion in the 2026-2027 fiscal year.

Senator Mark Koran (R-North Branch) issued the following statement:

In only one session, single-party Democrat control of government has taken us from a $19 billion surplus to a projected $2.31 billion deficit in the near future. Their record of reckless overspending, massive tax increases, broken tax relief pledges, and now looming deficits are simply not sustainable. At the same time, inflation continues to put pressure on family budgets every month. Minnesotans cannot afford Democrats’ irresponsible governing any longer.