On Wednesday, the Minnesota Management and Budget Office (MMB) released its annual February budget forecast. This forecast gives lawmakers and the public an in-depth look at the fiscal health of the state. I’m happy to report that MMB has revealed that the state is expected to have a $329 million surplus for the remainder of the biennium.
This is a $517 million change from the projected deficit back in November. The report cited tax reform and low unemployment as the main drivers of the improved fiscal outlook as the state continues to see increased revenue despite lower tax rates thanks to an improving economy.
Wednesday’s news is additional evidence that tax cuts are working. As you recall, last year the state and enacted the largest tax relief bill in over two decades. This state reforms coupled with the federal tax bill has had a demonstrable, positive impact on the state and national economies.
In addition to this positive news, I was visited by a handful of constituent groups this week. Thanks to everyone for taking the time to visit, it is always good to meet with you. Please be sure to contact me if you’re ever in St. Paul. It’d be great to connect.
Pictured with me here is Rocky. He is from Eagle Bend and attends the Minnesota State Academy for the Blind in Fairbault.
Here I am pictured with a group of students from UMD. Thanks for visiting!
Thank you to Tony Schotzko for taking the time to visit this week. Tony is a physical therapist at Lakewood Health System in Staples.
It was great to meet with students from the Pillager charter school!
Finally, last week I voted for a bill that restores the legislative funding that Governor Dayton vetoed over the summer. I was happy to get this ordeal behind us and to see the Governor sign the bill into law.
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