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 Scott Newman (R-Hutchinson) issued the following statement:

“Another record surplus on top of record spending. Minnesota continues to take far too much money from taxpayers to fuel a state budget that is accelerating at an out-of-control pace. We don’t have a surplus because we are cutting spending; we have a surplus because we are overtaxed. Republicans are going to give the surplus back with permanent, long-term tax relief that puts much more money in your paychecks every week, and we are going to get rid of the tax on Social Security income. We aren’t going to insult people with election-year gimmicks like a one-time check that will barely cover your monthly grocery bill.“