On Tuesday, Minnesota Management and Budget (MMB) released its November 2020 Forecast projecting a $641 million surplus. This is an improvement of $2.955 billion compared to deficit estimates published at the end of October. This change is driven by a $1.912 billion increase in forecasted revenues and a $1.058 billion decrease in forecasted expenditures. However, a $1.273 billion budgetary shortfall remains for FY 2022-23.

“Today’s budget forecast reinforces how Republican restraint and reform is paying off through another surplus, albeit reduced, that would have been nothing had the Democrats gotten to pass their ballooning budgets,” said Senator Bill Weber (R-Luverne). “Over the past several years, Senate Republicans have prioritized investing in Minnesotans. We cut taxes on the middle class and focused on reforms that gave economic power and freedom back to you, knowing that your hard work is what truly drives Minnesota.”

“As we approach the upcoming session and crafting a new budget, now is not the time to double down on increasing taxes or unrestrained government spending,” continued Senator Weber.  “Our state spending is already unsustainable, and Minnesota families are struggling from the financial fallout of COVID and Governor Walz’s lockdowns. Instead of asking more of you, state government must take a hard look in the mirror and make choices that eliminate wasteful spending while empowering Minnesotans to succeed.”