The Minnesota Management and Budget agency (MMB) announced on Thursday, December 6 that the State of Minnesota is projected to have a budget surplus of $1.544 billion. The state’s budget reserves, also known as the “rainy day fund”, total $2.075 billion, the highest level in Minnesota state history.

“After funding roads and bridges at historic levels, increasing education funding across the board, and delivering the largest tax relief package for Minnesota families in nearly two decades, our state still has a sizable projected budget surplus,” said Senator Paul Anderson [R-Plymouth]. “This proves that we can fund the priorities of Minnesotans without raising taxes.”

In March, MMB will release an updated forecast that the legislature will use for setting the state’s budget. As Chairman of the Senate Committee on Higher Education Finance and Policy, Senator Anderson will oversee the budget of all Minnesota State colleges and universities, as well as the University of Minnesota system.

“As Chair of the Senate Higher Education Committee, I will lead efforts to ensure that we have a modern post-secondary system in Minnesota that is prepared to serve the needs of all students for the future of work. Post-secondary education should be affordable, accessible, and relevant,” added Senator Anderson. “I look forward to working with Governor-elect Walz and the House DFL Caucus to find bipartisan solutions that will benefit Minnesota families and students.”