Minnesota’s Department of Management and Budget

(MMB) today released its November revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report projects a record surplus of $17.6 billion for the next budget cycle, which is up from the previous $9.25 billion surplus in the February forecast. 

During the 2022 legislative session, Senate Republicans fought hard for permanent tax relief, but Governor Walz and Democrats refused.

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

“The latest budget forecast is an added reminder that there are no excuses not to provide Minnesotans with significant and meaningful relief,” Coleman said. “Minnesota families truly know how to best meet their unique needs, and that is why I know the massive $17.6 billion surplus can be best utilized in the form of permanent tax cuts. And this session, I will continue to push back against enormous increases in government spending to ensure that the money goes back to the pockets of hardworking families and Minnesotans.”