On Thursday, the office of Minnesota Management and Budget (MMB) released their November economic forecast. The report, which details the state’s budget picture, projected a surplus of $1.544 billion for the 2020-2021 biennial budget, with a significant structural surplus moving forward through the 2022-23 biennium.

In addition, $491 million of the surplus for the current fiscal year was automatically transferred to Minnesota’s budget reserve, leaving the state’s rainy-day account at $2.075 billion, a record level.

In the last biennial budget, Republicans passed the largest tax relief package in nearly two decades, benefiting seniors, college graduates, Main Street businesses, and farmers.

“I’m proud to see Republican-led reform has paid off by providing the state a $1.5 billion surplus. Through control of both the Senate and House Republicans have taken charge and improved the quality of life for Minnesotans without increasing taxes,” said Senator Bill Ingebrigtsen (R-Alexandria). “In the upcoming biennium, we face new challenges such as new taxes, like a $300 million gas tax being proposed our Governor-elect. It is my hope that we can avoid these burdens and instead reach a compromise to use our available surplus dollars to tackle real issues such as health care, roads, and bridges, or tax conformity which alone could require $140 million in tax relief. ”