ST. PAUL – Minnesota is projected to see a $1.9 billion budget surplus over the next two years, and State Representative Greg Davids (R-Preston) said this is good news for Minnesotans.
"A surplus is always preferred over a budget deficit, but when you have a surplus of this magnitude you are basically proving to taxpayers that they paid more than they should have to state government," Davids said.
According to the Office of Minnesota Management and Budget, the surplus grew from the previous projection by $832 million largely because of higher tax collections as well as slightly reduced projected spending.
"This windfall will give us more opportunities to reduce the commercial industrial tax on small businesses, and find ways to give all hardworking Minnesotans tax relief," Davids said.
The outlook for the next budget cycle is also promising as officials project a $3.184 billion surplus for the 2018-19 fiscal year.