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Legislative News and Views - Rep. Marion Rarick (R)

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Statement from Rep. Marion O’Neill on Budget Surplus

Monday, December 5, 2016

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.

“Hardworking taxpayers in Wright County and across Minnesota funded our state’s surplus, so I think it’s only right that we return money to them through tax relief,” said Rep. Marion O’Neill, R-Maple Lake. “Minnesota is facing a surplus thanks to taxpayers, but those same taxpayers aren’t always seeing a surplus in their own budget. That’s why next session I will once again champion meaningful tax relief for families, farmers, small businesses, seniors and college graduates. ”

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.

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