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Legislative News and Views - Rep. Kelly Fenton (R)

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Statement from Rep. Kelly Fenton on Increased Budget Surplus

Tuesday, February 28, 2017

SAINT PAUL, MN—– On Tuesday, Minnesota Management and Budget released the February economic forecast which state lawmakers will use to craft a budget for Fiscal Years 2018-19. The state’s surplus for the upcoming biennium is $1.65 billion, up from $1.4 billion in November. This positive budget outlook continues into Fiscal Years 2020-21.

“For Woodbury families, small businesses, college graduates and seniors, one of the top requests I hear again and again is please pass a comprehensive tax relief bill,” said Rep. Kelly Fenton, R-Woodbury. “This $1.65 billion surplus shows that this session legislators can invest in our shared priorities, pass a responsible state budget and provide significant tax relief for the hardworking taxpayers of our state.”

The $250 million in increased surplus funds come primarily from greater-than-expected revenue from individual income taxes, the general sales tax, and the corporate franchise tax. MMB budget documents note that an improved U.S. economic outlook and positive numbers for key economic data points such as personal income growth, employment, and consumer spending have contributed to the additional surplus revenue. Budget targets are expected to be released in the coming weeks as legislators continue work on the 2018-2019 biennium budget.

This budget forecast marks the eighth straight forecast with a positive balance for the state of Minnesota.