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.