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 Bill Weber (R-Luverne), Republican lead of the Senate Taxes Committee, released the following statement:

“With a $2.3 billion deficit on the horizon, we are seeing the consequences of Democrats’ out-of-control spending spree.

“During the 2023 legislative session, Democrats spent the entirety of the $19 billion surplus, growing our state budget by nearly 40%. The ruling majority turned a blind eye to the needs of Minnesota, and instead, raised taxes and fees by almost $10 billion to fund their extreme agenda.

“Besides placing Minnesota taxpayers at risk, the excessive mandates placed on our schools and businesses will cause additional downward pressure on school budgets and business profits. This will further complicate state finances and negatively affect Minnesota families.

“The short-term budget surplus does not give a pass for government to go on a runaway spending spree once again. As we look to the 2024 legislative session, we must rein in the bloated government spending and prioritize Minnesota taxpayers.”

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