The office of Minnesota Management and Budget (MMB) on Thursday released their annual November Budget Forecast. The report, which details the state’s budget picture, projected a surplus of $1.62 billion for 2020-21 budget cycle. By statute, $284 million of the surplus is allocated to the budget reserve, which is now full funded at $2.36 billion. After the reserve transfer, Minnesota is left with a $1.33 billion surplus.

Senate Finance Chair Julie Rosen released the following statement following the release of the state’s November budget forecast:

“I’m very happy the reserve account is fully funded. This is great news for the security of future state budgets. And while we have more money than ever, our state agencies are spending with less accountability than ever. I’m expecting the Commissioners to do a deep dive into their budget and account for every penny before they come to the finance committee asking for more funding. Senate Republicans expect the agencies, the commissioners, and the Governor to be more accountable in their spending.”

 

Since taking the majority in 2017, Republicans have focused on strengthening Minnesota’s economy by connecting employers to the skilled workers they need with investments in career and technical education, and scholarships for students entering in-demand fields. Republicans have also prioritized tax relief for the people who make the economy churn: college graduates, working families, Main Street businesses, and farmers. In consecutive budgets, the Republican majority passed a $650 million tax relief package that was the largest in nearly two decades and the first middle class tax cut in twenty years.

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