On Thursday, the office of Minnesota Management and Budget (MMB) released their November economic forecast. The report, which details the state’s budget picture, projected a surplus of $1.544 billion for the 2020-2021 biennial budget, with a significant structural surplus moving forward through the 2022-23 biennium.

In addition, $491 million of the surplus for the current fiscal year was automatically transferred to Minnesota’s budget reserve, leaving the state’s rainy-day account at $2.075 billion, a record level.

In the last biennial budget, Republicans passed the largest tax relief package in nearly two decades, benefiting seniors, college graduates, Main Street businesses, and farmers.

“In 2017, with Republicans in both bodies of the legislature, we took on the difficult task of implementing a responsible budget. We checked government growth and spending to protect Minnesota’s long-term interests. As a result, this year’s November forecast shows one of the largest projected state budget surpluses,” said Senator Mark Johnson (R-East Grand Forks). “In addition, our rainy-day fund is now the largest on record. We are moving the State in the right direction.”

“Senate Republicans are tackling issues important to Minnesota families, including health care, education, roads and bridges, tax conformity, and many other issues that can now be managed without the threat of a tax increase. As Minnesota approaches the next biennium, I believe we should continue advancing Minnesota.”