On Wednesday, December 4, Minnesota Management and Budget (MMB) released its annual November revenue forecast, providing information and an outlook for the state’s financial picture. Despite Democrat tax and fee increases of $10 billion, the latest forecast shows a meager $616 million surplus at the end of 2026 and a massive $5.1 billion deficit by 2029. These forecast numbers do not account for any new spending, meaning that new spending bills passed in the next legislative session will further increase the deficit down the line.
“Thanks to Democrats recklessly spending the entire $19 billion surplus, our state now faces a looming $5.1 billion deficit,” Senator Bill Weber (R-Luverne) said. “This situation highlights the consequences of one-party rule and the mismanagement of taxpayer dollars. As we approach the 2025 legislative session, we must rein in excessive government spending and prioritize the wellbeing of Minnesota taxpayers.”
In the past decade, Minnesota’s government budget has nearly doubled from a $39 billion general fund budget in 2014 to $71 billion in 2024. The state now has some of the highest individual taxes and the 46th worst state and local tax burden in the nation.
Click here to read the full MMB November Budget and Economic Forecast.