Today Minnesota Management and Budget (MMB) released the November budget forecast outlining the state’s financial picture. The forecast shows new taxes and fee increases lead to a $616 million surplus at the end of 2026 and a projected $5.1 billion deficit by 2029. The forecast numbers do not account for any new spending, meaning that new spending bills passed in the next legislative session will further increase the deficit down the line. 

Senator Julia Coleman (R-Waconia) released the following statement on the forecast: 

“The announcement of a $5.1 billion budget shortfall is a direct consequence of the unsustainable spending under one-party control. While we may have a small, short-term surplus, our state budget’s outlook falls short of what residents expect from their elected leaders. Minnesotans cannot afford to be burdened by more tax and fee increases especially when our state is ranked the 46th worst state when it comes to local tax burdens. 

Now is the time to work together towards sustainable solutions that help families in our state afford daily life and ensure we have an efficient government that works for everyone.”