The office of Minnesota Management and Budget (MMB) today released its annual November economic forecast. The report, which details the state’s budget picture, projects a surplus of $641 million for the current 2020-21 budget cycle, and a $1.27 billion deficit for years 2022 and 2023. The forecast represents a dramatic improvement from the $4.7 billion deficit projected in May. 

Senator John Jasinski (R-Faribault) issued the following statement:

“I think everyone is happy about today’s news, but we still must be cautious. We still have a deficit for the next budget cycle, and we’ll have to close it by making some tough spending choices. One urgent priority is figuring out a way to get some relief to the hospitality industry. Those businesses are in a dire situation, and they need help as soon as possible. They are the ones who have been affected most by the closures, and they are by far the ones I get the most calls about. I’ll look at every option, but we have to do something to help them right away.

“We also should make every possible attempt to get our economy churning again as safely as we can. We all take the coronavirus seriously, but we have to do whatever we can to open businesses and schools and keep workers on the job, using the strongest and best safety protocols. We have to address both the health crisis and the family financial crisis at the same time.”