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 Justin Eichorn (R-Grand Rapids) released the following statement on the forecast:

“The only reason we have a small surplus in the short term is because Democrats slapped $10 billion in new taxes and fee increases on Minnesotans, but even those massive increases won’t keep up with the out-of-control spending. We’re now facing a budget shortfall north of $5 billion. Minnesotans were very clear with us this past November, it’s time to clean up this mess and work to get our state out of the top 10 highest tax burdens in the country.”