On Wednesday, Dec. 6, Minnesota Management and Budget (MMB) released its annual November revenue forecast, which provides information and outlook for the state’s financial picture. The latest forecast is projected to be $2.4 billion, up $808 million from the end-of-session estimate. Though there is currently a short-term surplus, MMB indicates a looming $2.3 billion deficit beginning in 2025.

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

“During the 2023 session, we saw Democrats increase government spending by nearly 40%, putting an even greater burden on Minnesota taxpayers. With looming future deficits, we are seeing the results of their extreme one-party control. 

“Even with Democrats raising taxes and fees by nearly $10 billion, there is still not enough to cover their extreme spending. Now is the time to refocus our priorities, not look for new ways to spend taxpayer dollars. I am calling on members across the aisle, but especially the current majority, to take their responsibilities to the taxpayers of Minnesota seriously, stop this fiscal insanity, and work to make Minnesota an affordable place to live.”

Click here to read the full MMB November Budget and Economic Forecast.