Minnesota’s office of Management and Budget (MMB) on Friday released its February revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report projects a surplus of $1.6 billion for the next budget cycle, which begins in July. The surplus is a reversal from the November forecast, which found a $1.27 billion deficit for the upcoming budget cycle.

Senator Jeremy Miller (R-Winona) issued the following statement:

“The latest budget forecast is terrific news. It is a real testament to the hard work of Minnesota taxpayers who have kept the economy afloat through incredibly difficult circumstances. Now that the economy is on solid ground again, we should work toward bipartisan solutions that give Minnesota businesses and workers more certainty, stability, and support.”