Yesterday, Minnesota Management and Budget (MMB) estimated a $1.513 billion surplus for FY 2020-21 at their annual February budget and economic forecast. This reflects a $181 million increase since the November forecast. The state budget was fully funded last session leaving legislators with important decisions to make this year.

“I am happy to hear that our economy is sound, healthy, and stronger than ever,” said Senator Jim Abeler (R-Anoka). “I believe in preparing for the worst and expecting the best. The timing of this surplus is perfect. It will help us weather the impact that the coronavirus may have on our economy. The savings account is full for the first time and we need to be responsible and buckle down in the coming weeks. Right now, I am encouraging my colleagues to keep our spending limited to the essentials – disaster relief, the potential impact of the coronavirus, and infrastructure improvements.”