Today, the office of Minnesota Management and Budget (MMB) released its annual November budget forecast. The report, which details the state’s budget picture, projected a surplus of $1.544 billion for upcoming two-year budget cycle — the largest budget surplus the state has ever had.

“A budget surplus means the state is overcollecting from the taxpayers,” said Senator Andrew Lang (R-Olivia). “Our economy is on the right track, which means we can fund the priorities of Minnesotans without raising taxes. As we work with the governor and House of Representatives on a responsible two-year state budget, the forecast shows we can do it within our current means. That means we should halt any talk of a gas tax increase or any sort of a fee increase — both of which are already saddling Minnesota families with an unreasonable burden.”

The state agency also projects a surplus of $456 million for the 2022 and 2023 biennium. You can read the complete budget forecast here.