Republican budget led to $1.5 billion surplus; Minnesota well-positioned to fund priorities without raising taxes
ST. PAUL, MN – New budget estimates released by Minnesota Management and Budget show the last Republican budget led to a $1.5 billion budget surplus heading in to the 2020-21 biennium. The state’s rainy day fund will receive a $491 million infusion, bringing it to a record high of over $2 billion. Minnesota also has a significant structural surplus moving forward through the 2022-23 biennium.
In the last biennial budget, Republicans passed the largest tax relief package in nearly two decades, benefiting seniors, college graduates, small businesses, and farmers. Republicans will consider more tax relief in light of the significant budget surplus.
In response to the forecast, Rep. Barb Haley (R-Red Wing) released the following statement.
“This surplus reflects the strength of our state’s economy and demonstrates that Republicans’ approach of tax cuts and responsible spending have worked for Minnesota,” said Rep. Haley. “As we enter next year with such a large surplus, there is absolutely no need to raise taxes and take more money from hardworking taxpayers. That’s why I intend to oppose any new tax increases on Minnesota families, and will instead advocate for further tax relief and investments in needed areas.”