Record budget surplus means Minnesotans deserve relief from high taxes, inflation
By: Senator Mary Kiffmeyer
Friends and neighbors,
Pearl Harbor 80th anniversary
December 7 marked the 80th anniversary of the attack on Pearl Harbor. It is an important time to honor and remember the more than 2400 Americans who lost their lives on that tragic day, as well as the countless others — including my father, who is a World War II veteran — who rose to the challenge of helping their fellow countrymen and defending freedom in the following days, weeks, and years. We will never forget their selflessness and their sacrifices.
Minnesota Budget Surplus $7.7 Billion
On December 7 the office of Minnesota Management and Budget (MMB) also released the findings of its annual November economic forecast. This is the report that provides a comprehensive overview of the state’s budget picture. When the next legislative session begins at the end of January, legislators will use this forecast as a general guide until the final forecast comes out in February.
The forecast found a massive budget surplus of $7.7 billion for the current budget cycle, and a structural budget surplus of almost $6 billion for 2024-2025. According to MMB, the surplus was driven by “strong growth in income, consumer spending, and corporate profits.”
Any time the state has a surplus instead of a deficit, it’s good news. But a surplus of this size also means that the state collected far more than it needs from taxpayers.
Almost every day I get calls, texts, and emails from constituents concerned about a rising percentage of their paychecks going toward daily necessities like gas, groceries, and energy bills. State government may have a big surplus, but that is not the case for a lot of working families that I talk to.
These are hardworking folks: small business owners, blue-collar workers, teachers, police officers, and everyone in between. They barely made it through the governor’s Covid closures and now they are being squeezed by inflation. Our top priority with a surplus of this magnitude must be providing real, meaningful, significant tax relief to those who need it the most, the taxpayers.
If you are interested in reading the complete budget forecast, it is available at this web address: https://mn.gov/mmb/forecast/forecast/.
Contact me
As always, if you have questions or concerns about the state budget or any other legislative topic, feel free to contact me any time. You can call me at 651-296-5655 or send me an email at sen.mary.kiffmeyer@senate.mn. It is a privilege to serve as your state senator.
Sincerely,