On Wednesday, Dec. 6, Minnesota Management and Budget (MMB) released its annual November revenue forecast, which provides information and outlook for the state’s financial picture. The latest forecast is projected to be $2.4 billion, up $808 million from the end-of-session estimate. Though there is currently a short-term surplus, MMB indicates a looming $2.3 billion deficit beginning in 2025.

Senator Jim Abeler (R-Anoka) released the following statement:

“In just one session, members of the majority party spent all of the unprecedented $19 billion budget surplus. Usually, we increase spending by about $4 billion per budget cycle. Even this huge historic surplus was not enough for them, as they also raised taxes and fees by an incredible nearly $10 billion to fund their progressive socialist agenda.

“I knew all along this level of spending would be unsustainable and ultimately lead to financial turmoil. That is why I brought my concerns to the Senate Finance chair, Minnesota Finance commissioner, and even Governor Walz, but they were dismissive. With the latest budget forecast, it’s clear that DFL majority singlehandedly spent our surplus into a deficit. 

“This puts many educational resources, services for people with disabilities and seniors, and even Veterans programs at severe risk in the future. I am very concerned.

“It is time for the ‘trifecta’ majority to once again work across the aisle to provide prudent, wise leadership to our great state. Working together is the best way to solve the many challenges we face.”

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