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 $1.544 billion for 2020-21 budget cycle. By statute, $491 million of the surplus will be allocated to the budget reserve. That brings the budget reserve total to just over $2 billion.
“I am glad MMB reported another budget surplus,” said Sen. Bruce Anderson (R-Buffalo). “The Senate majority has worked hard to be responsible with taxpayer dollars, and the results are showing. As we put together a new budget this session, my focus will continue to be on policies that get government off the backs of small businesses and working Minnesotans so our economy can continue to thrive.”
In the last biennial budget, the Legislature passed the largest tax relief package in nearly two decades, benefiting seniors, college graduates, Main Street businesses, and farmers. Republicans will consider more tax relief in light of the significant budget surplus.
Looking ahead, MMB also projects a significant structural surplus of $456 million for 2022 and 2023.