Today Minnesota Management and Budget (MMB) released the November budget forecast outlining the state’s financial picture. The forecast shows new taxes and fee increases lead to a $616 million surplus at the end of 2026 and a projected $5.1 billion deficit by 2029. The forecast numbers do not account for any new spending, meaning that new spending bills passed in the next legislative session will further increase the deficit down the line.

 

Senator Andrew Mathews (R-Princeton) released the following statement on the forecast:

 

“Minnesotans should not be on the hook for Democrats’ failure to properly manage the state budget. Their runaway spending under one-party control has taken Minnesota from a $19 billion surplus in 2023, to a $616 million surplus at the end of 2026, and now down to a projected $5.1 billion Democrat deficit by 2029.

Over the last two years, we witnessed the majority party force an extreme and expensive agenda on Minnesotans while ignoring record levels of waste, fraud, and abuse within our state government. It’s time to rein in this out-of-control spending and implement policies that ensure our government is accountable to the residents of this state.”