The office of Minnesota Management and Budget (MMB) on Thursday released their annual November economic forecast. The report, which details the state’s budget picture, projected a surplus of $1.62 billion for 2020-21 budget cycle. By statute, $284 million of the surplus is allocated to the budget reserve, which is now full funded at $2.36 billion. After the reserve transfer, Minnesota is left with a $1.33 billion surplus.
Senator Jeremy Miller (R-Winona) issued the following statement:
“When I was first elected back in 2010, Minnesota was facing a massive $6 billion budget deficit. Those days were challenging, and difficult decisions had to be made, but since then, we have been able to get the state’s budget back on stable ground. Today’s news of another projected budget surplus is great news. Since taking the majority three years ago, Senate Republicans have focused on working together on issues that are important to Minnesotans, including funding for education, mental health services, addressing the opioid crisis, long-term funding for roads and bridges, targeted tax relief, and additional funding for the border to border broadband program.
“But we still have a duty to be good stewards of the taxpayer’s dollars and hold government accountable for its mistakes. We can’t let the good news of the surplus distract us from the places we have to improve. I have serious concerns about the significant waste and fraud at the Department of Human Services, and the Senate will continue to provide strong oversight and accountability to make sure that agency gets back on track.”
Since taking the majority in 2017, Republicans have focused on strengthening Minnesota’s economy by connecting employers to the skilled workers they need with investments in career and technical education, and scholarships for students entering in-demand fields. Republicans have also prioritized tax relief for the people who make the economy churn: college graduates, working families, Main Street businesses, and farmers. In consecutive budgets, the Republican majority passed a $650 million tax relief package that was the largest in nearly two decades and the first middle class tax cut in twenty years.