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 historic investments in roads and bridges, stemming the skyrocketing cost of health insurance, and providing Minnesota families with the largest tax relief package in nearly two decades, our last legislative budget put Minnesotans first,” said Senator Eric Pratt [R-Prior Lake], who serves as Assistant Senate Majority Leader. “We now have the largest “rainy day” fund in state history and a $1.5 billion surplus. Just as we did last session, we can deliver a balanced budget that funds the top priorities of Minnesotans without increasing taxes.”

In March, MMB will release an updated forecast that the legislature will use for setting the state’s budget. In addition to serving as Assistant Majority Leader, Senator Pratt is the Chairman of the Senate Committee on Jobs and Economic Growth Finance and Policy.