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.

“Today’s budget forecast stands in stark contrast to last November’s showing Minnesotans that Republican leadership and reform is paying off through continued economic growth and a strong budget surplus,” said Senator Mary Kiffmeyer (R-Big Lake). “When we kicked off the biennium just under two years ago, we knew we could invest in you, that’s why we cut taxes on the middle class and focused on reforms that gave economic power and freedom back to you. As Democrats predicted doom-and-gloom and deficit spending, you proved them wrong, not only stimulating the economy but allowing the state to collect $376 million more in taxes than anticipated. Now, as a result of your hard work, our state has as good of a fiscal picture as ever, allowing us to tackle even more of your priorities such as health care, education, and roads and bridges without the threat of raising your taxes.”