On Thursday, Minnesota Management and Budget (MMB) released its annual November budget forecast, showing an estimated budget surplus of  $1.332 billion for the 2020-2021 biennium. The forecast, which is updated twice each year to reflect the state’s revenues and expenditures, will be used to guide the consideration of a supplemental budget during the upcoming legislative session.

“Today’s budget forecast shows Minnesotans that Republican leadership and reform is paying off through continued economic growth and a strong budget surplus,” said Senator Dan Hall (R-Burnsville). “When we took the majority three years ago we knew we could invest in you, that’s why we cut taxes on the middle class and focused on reforms that gave economic power and freedom back to you. As Democrats predicted doom-and-gloom and deficit spending, you have proved them wrong, not only stimulating the economy but allowing the state to collect record amounts of revenue. Now, as a result of your hard work, our state has as good of a fiscal picture as ever, allowing us to tackle even more of your priorities such as health care, education, and roads and bridges without the threat of raising your taxes.”

In accordance with Minnesota law, the forecasted surplus accounts for an automatic transfer to the state’s budget reserve, which is now fully funded at $2.359 billion. The legislative session is scheduled to convene on February 11, 2020.