The Office of Management and Budget (MMB) released its February revenue forecast earlier today, providing an updated outlook for Minnesota’s financial future. According to the report, the state has a $1.513 billion surplus for the remainder of the 2020-21 budget cycle –$181 million larger than what was projected in the November forecast. Looking ahead, the forecast projects stable, but slower economic growth with fewer collections continuing into 2022-23.

“Today’s forecast is positive news for this state, and shows that there is no reason that Minnesotans shouldn’t expect to see this billion-dollar surplus back in their pockets,” said Senator Dan Hall (R-Burnsville). “Investing in Minnesotans is good for this state. Over the past few years, we’ve worked hard to provide relief to millions of Minnesotans, and this surplus illustrates the positive effect.  This session, we will continue to prioritize tax relief and reform investing in Minnesota families rather than continuing to grow our bureaucracy.”

Last week, Senate Republicans announced a multifaceted plan to return Minnesota’s budget surplus to taxpayers. The Senate Republican tax plan emphasizes putting money back in the pockets of families and individuals, particularly middle-income and low-income earners, so they have more security, freedom, and flexibility to chase their dreams. This is the marquee piece of Senate Republicans’ Vision 2020 Agenda, which was unveiled in January.