The office of Minnesota Management and Budget (MMB) released its annual February economic forecast on Friday. The report, which details the state’s budget picture, projected a surplus of $1.6 billion for the 2022-23 budget cycle, an increase of $2.9 billion from the deficit projected in the November forecast.

“I’m glad to see the state in a more economically sound position than projected in the November forecast,” Senator Bill Ingebrigtsen (R-Alexandria) said. “With the newfound surplus, it is time to ensure we’re protecting our families, seniors, farmers, and main street businesses. That means no new taxes. With our economy on the mend from the pandemic and families across the state still hurting from Walz’s economic lockdowns, we must ensure we reign in spending and growth. Our focus this year must be to get Minnesota back on track.”

Senate Republicans have recently announced their 2021 session priorities placing an emphasis on safely reopening Minnesota’s schools and businesses while helping the economy recover. The caucus will also continue to focus on keeping life affordable for Minnesotans by balancing the budget without raising taxes. That means no new gas tax, no income tax, or sales tax increases. Senate Republicans will also ask that government to tighten its belt as well. Republicans will also support families by increasing choices for their kids’ education and working on expanding homeownership in their communities.

Governor Walz recently announced his $52.4 billion budget proposal. His plan includes $1.64 billion in new taxes on Minnesotans and would vault the state to number two in the nation for the country’s highest business tax rate and number three in the nation for highest income tax rates.