The office of Minnesota Management and Budget (MMB) on Thursday released their annual February economic forecast. 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.

“We love to see our state fully funded. Through careful planning, we have met our “rainy day” standard.  This proves there is no reason we should hang on to this surplus and pour it into government programs that are already fully covered by our budget.  The surplus is too high not to return it to the voters.  It’s time for Minnesotans to “get their billion back,” said Senator Andrew Mathews (R-Milaca).

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.