(St. Paul, MN) The office of Minnesota Management and Budget (MMB) released its annual November economic forecast on Tuesday. The report, which details the state’s budget picture, projected a record-setting surplus of $17.6 billion.

“Minnesota’s surplus continues to grow to astronomic levels,” Senator Mark Koran (R-North Branch) said. “ Unfortunately, at the same time state’s savings continue to grow, many Minnesotans are struggling to make ends meet. Minnesota needs to use this surplus to help its residents. That means no new taxes,  controlling government spending, and focusing on initiatives that provide meaningful opportunities.”

Senate Republicans passed billions in tax cuts over the last five years, stopped Gov. Walz’s massive tax increases, and passed the first income rate tax cuts in 20 years. Last session, Senate Republicans fought to provide Minnesotans meaningful and permanent tax relief. Unfortunately, Governor Walz and House Democrats stonewalled all attempts.