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 Dan Hall (R- Burnsville) released the following statement:

“MMB released its annual February forecast today, and unfortunately the results were not what we had wished projecting lower economic growth on Minnesota’s horizon. Now, rather than embrace Governor Walz’s ‘One Expensive Minnesota’ budget, the legislature must craft our own that puts the focus back on Minnesota families by giving them the tools they need to succeed.”