Budget surplus is forecast for Minnesota
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.
“I’m encouraged by the budget forecast, which shows the state of our economy is strong,” said Senator Gary Dahms (R‒Redwood Falls).
“We must approach the budget surplus with a responsible mind set.” “When the legislature convenes in February, I’m optimistic we will consider policies that will benefit Minnesotan.”
“Some of those include social security tax reductions for senior citizens, section 179 tax relief for farmers, school safety improvements, road and bridge improvements and expansions, and a responsible bonding bill.”
In accordance with Minnesota law, the forecasted surplus accounts for an automatic transfer to the state’s budget reserve, now fully funded at $2.359 billion. The legislature has been intentional about refilling the reserve, and this is the first time it is fully funded.
The legislative session is scheduled to convene on February 11, 2020. “My colleagues and I will continue to lead on middle class tax relief and responsible spending,” said Dahms, indicating, “Just so that funds Minnesotans’ priorities but does not grow government or inflate our already massive budget.”
Senator Dahms represents the Minneota area in the Minnesota State Senate.