The office of Minnesota Management and Budget (MMB) today released its annual November economic forecast. The report, which details the state’s budget picture, projects a surplus of $641 million for the current 2020-21 budget cycle, and a $1.27 billion deficit for years 2022 and 2023. The forecast represents a dramatic improvement from the $4.7 billion deficit projected in May. 

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

“This forecast has me cautiously optimistic. Our economic picture is much less dire than what was anticipated back in May, but we still have a budget deficit that we must address. I am hopeful that things will continue to improve over the next few months, and when the new forecast is released at the end of February that the budget will improve even more. That being said, this is an important time to review each budget area to look for savings, find efficiencies, reduce waste, and improve services. I also believe it’s incredibly important to find bipartisan ways to provide prompt assistance to small businesses who have been forced to close as a result of the governor’s most recent executive orders.”