Minnesota State Budget Forecast a New Record $17.6 Billion

(KNSI) — The Office of Minnesota Management and Budget is projecting the state’s budget surplus has soared to an estimated whopping $17.6 billion.

The MMB said, “Strong collections and lower-than-projected spending add to the surplus. Economic headwinds lower expected growth but [a] large leftover surplus and healthy net revenues in FY24-25” created the estimated $17.6 billion available for the budget.

In November, the MMB said net general fund revenues were $2.2 billion for October, 6% over the forecast. Individual income and general sales taxes exceeded the forecast, with the corporate franchise tax falling short. FY2023 receipts are $9.3 billion, $415 million over the forecast.

House Minority Leader, Republican Representative Lisa Demuth of Cold Spring, issued a statement regarding today’s record-setting budget surplus.

“Minnesotans are being massively overtaxed, and we should spend most of the next session working to give as much of it back to Minnesotans as possible. Tax hikes of any kind should be a complete non-starter. Families deserve their money back as they continue to deal with the high cost of groceries, home heating bills, and other everyday necessities. Republicans are ready to roll up our sleeves and work with the majorities in the House and Senate to deliver the tax cuts that were promised to Minnesotans, law enforcement funding for to help our communities strengthen public safety, and more.”

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