On Thursday, the office of Minnesota Management and Budget (MMB) released their November economic forecast which shows the strength of our state’s economy.  The report, which details the state’s financial health, 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 from 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.

This budget forecast is excellent news for the people of Minnesota, and it exemplifies the successful reforms that our Republican majorities have delivered over the past two years including our tax relief package which was the largest in nearly two decades and benefited seniors, college graduates, Main Street businesses, farmers, and more.

Now, as we near the start of the 2019 session, it is important that we continue our priorities by putting Minnesota’s taxpaying families and businesses first.  Unfortunately, that path is not as clear as it once was.  We already hear of the proposed tax increases coming from the new Democrat leadership in the House and the Governor’s office.  It is my hope that we can avoid these threats and instead work on the issues that are important to all Minnesotans, such as lowering health care costs, improving the quality of education, investing in our roads and bridges, and additional tax relief through tax conformity.