St. Paul, Minn. – Minnesota Management and Budget (MMB) today announced a budget forecast surplus of $1.332 billion in the FY 2020-21 biennium while bringing the reserve balance to its statutory target level of $2.359 billion. Full details of the forecast are available here. In response, Senator David Tomassoni (DFL-Chisholm) released the following statement:
“Today’s forecast is positive news for the fiscal health of Minnesota, but is not a guarantee of continued economic stability, and doesn’t account for future challenges in our budgeting,” said Senator Tomassoni. “We passed a budget in 2019 that didn’t make promises we couldn’t keep, and we prioritized building up the state’s rainy-day fund. While short term decisions are tempting, we must keep an eye on the future and avoid making mistakes that could reverse the state’s economic health.”
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