SW Minnesota Today

Minnesota Management and Budget recently released its November 2020 forecast, in which they project a $641 million surplus in the budget, according to a Minnesota Senate Republican Caucus press release.

Compared to estimates conducted last month, this is over what was expected. The positive change is likely influenced by an estimated $1.91 billion increase in revenues and over a $1 billion decrease from expected expenditures. However, the 2022-2023 fiscal year is still expected to have a deficit of over $1 billion. 

“Today’s budget forecast reinforces how Republican restraint and reform is paying off through another surplus, albeit reduced, that would have been nothing had the Democrats gotten to pass their ballooning budgets. Over the past several years, Senate Republicans have prioritized investing in Minnesotans. We cut taxes on the middle class and focused on reforms that gave economic power and freedom back to you, knowing that your hard work is what truly drives Minnesota," Sen. Bill Weber said.

Discussions are expected to continue that center around cutting expenditures more to balance the budget, but it is expected to be a challenge with the state expecting to give assistance to businesses and organizations in need of coronavirus relief.