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 $2.4 billion for the 2024-2025 budget cycle. However, Minnesota state spending is projected to grow faster than tax revenue, leading to a projected budget deficit of $2.31 billion in the 2026-2027 fiscal year. In addition, Minnesota has $3 billion in its budget reserve – the largest budget reserve balance in state history.

Senator Steve Drazkowski (R-Mazeppa) issued the following statement:

This is what single-party Democrat control of Minnesota government gets us. In one session they took a $19 billion surplus, and with their irresponsible governing, turned it into a $2.3 billion deficit. They spent every dime of the surplus, exploded government spending by 40%, and raised almost $10 billion in taxes. It is beyond reckless.

Last session also made it clear that any additional role for government to take people’s money and somehow rescue, help, build, secure, ensure, or strengthen anything is pure snake oil. Minnesota Democrat socialism is delivering nothing except failure. 

The priority now is clear: We need to give every single penny of the projected surplus back and reverse the Democrats’ irresponsible governing from last year. We need to save families and rescue the economy from the damage that the Democrats did last session.