The office of Minnesota Management and Budget (MMB) today released its annual November economic forecast. The report, which details the state’s budget picture, projects a surplus of $641 million for the current 2020-21 budget cycle, and a $1.27 billion deficit for years 2022 and 2023. The forecast represents a dramatic improvement from the $4.7 billion deficit projected in May.  

Senator Justin Eichorn (R-Grand Rapids) issued the following statement:

“We should all be happy that the state’s budget is in much better shape than we expected, but we are still facing a deficit for the next budget cycle. The only way to fix that is with economic growth and smarter spending. We should work to let businesses open up and get workers back on the job, but with safety at the front of our minds. 

“As legislators, our role is to get state spending in line. Whatever budget shortfall still remains in February, we must close it by making smarter spending decisions. I will not vote to raise taxes on the thousands of small businesses and workers who are already barely surviving the governor’s business closures.”