On Wednesday, December 4, Minnesota Management and Budget (MMB) released its annual November revenue forecast providing information and an outlook for the state’s financial picture. Despite Democrat tax and fee increases of $10 billion, the latest forecast shows a meager $616 million surplus at the end of 2026 and a massive $5.1 billion deficit by 2029. These forecast numbers do not account for any new spending, meaning that new spending bills passed in the next legislative session will further increase the deficit down the line. 

“One-party Democrat control has led to irresponsible growth in our state budget, placing a heavy burden on Minnesota taxpayers,” Senator Gary Dahms (R – Redwood Falls) said. “This session, as we craft our state’s next two-year budget, we need to rein in Democrats’ out-of-control spending. Prioritizing tax relief and fiscal responsibility is crucial to a strong future for Minnesota.” 

Under Democrat administrations, Minnesota’s budget has nearly doubled from a $39 billion general fund budget in 2014 to $71 billion in 2024. The state now has some of the highest individual taxes and the 46th worst state and local tax burden in the nation, making life more expensive for Minnesotans. 

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

Senator Dahms is in his fifth term representing Senate District 15 which includes communities in Blue Earth, Brown, Chippewa, Lac qui Parle, Lyon, Redwood, and Yellow Medicine counties. He also serves as the Republican Lead on the Senate Commerce and Consumer Protection Committee and is a member of the Agriculture, Broadband, and Rural Development Committee and Finance Committee.