The office of Minnesota Management and Budget (MMB) released its February revenue forecast earlier today, providing an updated outlook for Minnesota’s financial future. According to the report, the state has a $1.052 billion surplus for the remainder of the 2020-21 budget cycle –$492 million less than what was projected in the November forecast. Looking ahead, the forecast projects slower economic growth and fewer collections continuing into 2022-23.

State Senator Bill Ingebrigtsen (R- Alexandria) released the following statement:

“I am disappointed to see Minnesota’s February forecast point towards a more unstable economic picture in the future. With the information gathered today the Senate will now work on delivering some common-sense budgeting, seeking out waste and fraud, and focusing on ensuring that our state spending stays within our means. That means pushing back against Governor Walz’s proposed ‘One Expensive Minnesota’ and not increasing the large tax burden Minnesota families and businesses already face.”