On Thursday, Minnesota Management and Budget (MMB) released its annual November budget forecast, showing an estimated budget surplus of $1.332 billion for the 2020-2021 biennium. The forecast, which is updated twice each year to reflect the state’s revenues and expenditures, will be used to guide the consideration of a supplemental budget during the upcoming legislative session.
“This budget forecast is generally good news for the people of Minnesota. This is a result of successful reforms that we have delivered over the past three years including our largest tax relief package in nearly two decades has benefited seniors, college graduates, main street businesses, farmers, and more,” said Senator Mark Johnson (R-East Grand Forks).
“But, a budget surplus means the state is over-collecting from the taxpayers. The forecast shows that our economy is strong and can fund Minnesota’s priorities without raising taxes. As we work with the Governor and House to accomplish our shared priorities for the 2020 session, the forecast shows we can do it within our current means.”
In accordance with Minnesota law, the forecasted surplus accounts for an automatic transfer to the state’s budget reserve, which is now fully funded at $2.359 billion. The legislative session is scheduled to convene on February 11, 2020.
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