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 $7.7 billion budget surplus for the 2022-2023 budget cycle.

Senator Scott Newman (R-Hutchinson) released the following statement:

“There is a pretty stark contrast right now between government’s bank accounts and regular Minnesotans’ bank accounts. Government is flush with cash, but inflation is stealing more and more from people’s paychecks. Everything from gasoline to groceries to energy is getting more expensive. This surplus gives us a real opportunity to make people’s lives much more affordable. My top priority will be making sure we provide serious, meaningful tax relief to the people who need it most.”