Minnesota’s office of Management and Budget (MMB) on Friday released its February revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report projects a surplus of $1.6 billion for the next budget cycle, which begins in July. The surplus is a reversal from the November forecast, which found a $1.27 billion deficit for the upcoming budget cycle.

Senator Mike Goggin (R-Red Wing) issued the following statement:

“It is great news that Minnesota has a surplus, but our approach to the budget should not change. First, the pace of budget growth has been unsustainable; we have to be much more responsible with our spending. Second, we have a duty to weed out as much wasteful spending as we can find. Finally, instead of tax hikes we should be discussing targeted tax relief, like my bill to repeal state taxes on Social Security income. Many Minnesotans barely made it through the pandemic, and even more are still struggling. Not taxing social security is a fast and easy way to get money into their pockets. Let’s get these folks some more help.”