(ST. PAUL, MN) – The office of Minnesota Management and Budget (MMB) released their annual February economic forecast on Thursday. The report, which details the state’s budget picture, projected a surplus of $1.513 billion for the 2020-21 budget cycle, an increase of $181 million from the November forecast. The general fund budget reserve remains at $2.359 billion.

“Yes, having a fully funded state is a blessing,” said Senator Mark Koran (R-North Branch). “With that in mind, the surplus proves that it is time for Minnesotans to ‘get their billion back.’ Having such excess laying around for the use of government agencies is dangerous and unnecessary. Taxpayers should be given a break and the option to use it as they wish.”

Senate Republicans have already announced a plan to return the vast majority of the budget surplus to taxpayers. The plan calls for reducing the lowest income tax rate, eliminating Social Security income taxes, expanding tax credits for families with young students, and providing relief for farmers and mom-and-pop businesses. You can read about the “Get your billion back, Minnesota” tax plan here.