Saint Paul, MINN— On Friday, the Office of Minnesota Management and Budget (MMB) released its November Economic Forecast, revealing updated budget numbers that will guide state leaders crafting a budget during the 2017 legislative session. For the current budget cycle, $334 million of this biennium’s balance will automatically go into the state budget reserve, leaving $678 million in surplus for 2016-17, and a $1.4 billion overall surplus heading into Fiscal Years 2018-19.
“While I am pleased our state is celebrating a surplus, Minnesota families aren’t always seeing a surplus in their own budget,” said Rep. Deb Kiel, R-Crookston. “My focus is on returning those funds to the hardworking taxpayers who helped fund our state’s $1.4 billion surplus. Next session, I will advocate for meaningful middle-class tax relief, as well as work to provide relief for folks affected by our state’s health care cost crisis.”
According to MMB, Minnesota has a structural surplus moving forward, with a projected surplus for the 2020-2021 biennium. An updated forecast will be released in February which legislators will use as a final economic outlook to craft our state’s budget.