Minnesota’s office of Management and Budget (MMB) on Monday released its February revenue forecast, which provides information and an outlook for Minnesota’s financial picture. The report projects a surplus of $17.5 billion for the next budget cycle, which begins in July. 

Last week, the legislature passed a bill to automatically add inflation to forecast computations. Without that change, the true surplus number is closer to $19 billion.

Senator Mark Koran (R-North Branch) issued the following statement:

“For well over a year, the number one thing I hear from constituents is that they want us to give the surplus back. An enormous budget surplus should mean enormous relief for Minnesotans. With folks still feeling their household budgets squeezed by high prices for everything from gas to groceries to energy, we have a responsibility to help. Their hard work built the surplus. Now let’s give it back.”