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. Due to our diversified economy and hard-working Minnesotans, the forecast represents a dramatic improvement from the $4.7 billion deficit projected in May. 

Senator Mary Kiffmeyer (R-Big Lake) issued the following statement:

“It’s great news that the economy is in better shape than we thought it would be, but we still have a budget deficit to address. That should be done through smarter spending decisions, not by raising taxes. The size of state government and our executive branch have ballooned beyond understanding in recent years. As chair of the State Government Committee, I will still expect every state government agency to go through their budget with a fine-tooth comb to help us find savings and close the deficit. That is the standard that Minnesota families are facing, and that is the standard we will hold state government to as well.”