Minnesota’s office of Management and Budget (MMB) on Monday released its February revenue forecast, which provides information and an outlook for Minnesota’s financial picture. The report projects a surplus of $17.5 billion for the next budget cycle, which begins in July. 

Last week, Democrats in the legislature passed a bill to automatically add inflation to forecast computations. Without that change, the true surplus number is closer to $19 billion.

Senator Rich Draheim (R-Madison Lake) issued the following statement:

“A $17.5 billion surplus, while Minnesotans are getting squeezed by inflation, is just plain wrong. Inflation is higher than it has been in decades, and Minnesota continues to take too much from taxpayers. Almost every day, the number one thing I hear is ‘give the surplus back.’ It has to be our number one priority.”