Minnesota’s office of Management and Budget (MMB) on Monday released its February revenue forecast, which provides information and an outlook for Minnesota’s financial picture. The report projects a surplus of $17.5 billion for the next budget cycle, which begins in July. Last week, the legislature passed a bill to automatically add inflation to forecast computations. Without that change, the true surplus number is closer to $19 billion.

Senator Jeremy Miller (R-Winona) issued the following statement:

“Another massive budget surplus confirms the state is over-collecting from taxpayers. It’s time to give the money back. This is the number one thing I hear about from folks everywhere I go. Many people are still struggling with high prices for everyday essentials like food and gas; it is our responsibility to use this surplus to ease some of the stress taxpayers are facing by returning this surplus money back to the people. The legislature should pass a tax bill right away to provide Minnesotans with immediate relief, including the full elimination of taxes on Social Security benefits.”