On Thursday, the office of Minnesota Management and Budget (MMB) released their November economic forecast. The report, which details the state’s budget picture, projected a surplus of $1.544 billion for the 2020-2021 biennial budget, with a significant structural surplus moving forward through the 2022-23 biennium.

In addition, $491 million of the surplus for the current fiscal year was automatically transferred to Minnesota’s budget reserve, leaving the state’s rainy-day account at $2.075 billion, a record level.

In the last biennial budget, Republicans passed the largest tax relief package in nearly two decades, benefiting seniors, college graduates, Main Street businesses, and farmers.

“Today’s surplus announcement is great news for the people of Minnesota showing that the Republican leadership and our conservative approach of lowering taxes and reeling in government spending have paid off in a big way,” said Senator Dan Hall (R-Burnsville).

“Our new surplus is one of the largest the state has ever seen, and we’ve increased our rainy-day account to a record high. Both these details point to the current strength of our state’s economy and should immediately let Democrats know that ideas involving increasing taxes, such as their already proposed gas tax, should be off the table. Instead, we should continue to give more economic freedom to Minnesota’s middle class, giving you more control, and allowing us to focus on issues that impact you such as health care and education without the threat of jeopardizing your bottom line.”