The office of Minnesota 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 $1.052 billion surplus for the remainder of the 2020-21 budget cycle –$492 million less than what was projected in the November forecast. Looking ahead, the forecast projects slower economic growth and fewer collections continuing into 2022-23.

State Senator Justin Eichorn (R- Grand Rapids) released the following statement:

“Today’s forecast from the office of Minnesota Management and Budget shows that Minnesota’s economy is slowing down and that our state’s financial future is not as clear. Rather than commit to large spending plans as Governor Tim Walz’s has proposed in his budget and bonding request Minnesota should proceed with restraint and focus on creating prosperity through empowering middle-class families and allowing the private sector to grow.”