Senator Jasinski statement on Minnesota’s $1.5 billion budget surplus

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, which the largest Minnesota has ever had.

“Today’s budget surplus is great news,” said Sen. John Jasinski (R-Faribault). “We have more than enough resources to fund Minnesotans’ priorities without raising gas taxes. I look forward to working with Gov.-elect Walz to find areas of compromise on this year’s state budget, but I hope he is willing to reconsider his push to raise the gas tax and instead focus on a transportation funding source that utilizes existing money.”

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. 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.

Forecast documents

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