ST. PAUL — Minnesota’s Department of Management and Budget released its February revenue forecast on Monday, which provides information and an outlook for Minnesota’s financial picture. The report shows the surplus holding steady at $17.5 billion, with inflation accounting for $1.4 billion going back into state spending automatically.
“The massive $17.5 billion surplus paints a clear picture of our state’s economic well-being, but it stands in sharp contrast to the financial conditions that many Minnesotans face. Families across the state continue to be hit hard with skyrocketing everyday expenses," said Sen. Bill Weber (R-Luverne), Republican lead of the Senate Taxes Committee.
He went on to state that while crafting the budget for the next two years, Senate Republicans would focus on controlling spending and prioritize existing programs that deliver proven results for Minnesotans.
"We will also fight to give a large portion of the surplus back to those who helped create it — the taxpayers — through refunds and major tax reform,” said Weber.
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