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 estimates slower economic growth and fewer collections continuing into 2022-23.

State Senator Mark Johnson (R-East Grand Forks) released the following statement:

“Today, according to the February forecast Minnesota is likely to have a smaller than expected surplus in the next biennium. While the forecast doesn’t paint certain doom and gloom, it does encourage the legislature and the Governor to act responsibly and exercise caution when crafting our state’s budget. I will focus my priorities on the issues important to Minnesota families, including health care, education, roads and bridges without jeopardizing the state’s bottom line or the threatening Minnesota families with a tax increase.”