ST. PAUL – State Representative Greg Davids (R-Preston) said Minnesota’s latest budget forecast projects incoming revenue is outpacing expected expenses by a record amount.
For the current budget cycle that began five months ago, Minnesota now projects a $7.746 billion surplus.
“When you have the largest state surplus in history, no one should be discussing tax increases on anyone or anything next session,” Davids said. “Minnesota has once again taken far too much of your money. With hardworking Minnesotans being forced to pay more for heat, electricity, gasoline, food, and nearly everything else on Earth, we should not be looking to foolishly spend this surplus. We should be looking for ways to help our struggling families keep more of what they earn.”
According to the Minnesota Management and Budget Office, strong growth in income, consumer spending, higher tax receipts and slightly lowered state spending helped contribute to the surplus projection.
Davids said the improved budget forecast triggers a statutory allocation to the budget reserve, putting the reserve balance at $2.656 billion.