Dear Neighbors,
New budget estimates released by Minnesota Management and Budget yesterday show that the state is projected to have a $1.5 billion budget surplus heading in to the 2020-21 biennium. In addition, the state’s rainy day fund will receive an additional $491 million infusion, bringing it to a record high of over $2 billion.
In the last biennial budget, we passed the largest tax relief package in nearly two decades, benefiting seniors, college graduates, Main Street businesses, and farmers. These reforms have helped provide Minnesota with its strongest economy in years.
This news is confirmation that the direction House Republicans took Minnesota the last two years was the right one. With such a large budget surplus, I am hopeful that we can focus our energies on providing additional relief for Minnesotans and their families. Simply put, this should end any talk of raising taxes in the coming legislative session.
That’s all for this week’s update. I will have more information for you as we get closer to the start of session. If you have any questions or comments, I urge you to contact me. I can be reached via phone at 651-296-4929 or by email at rep.jeff.backer@house.mn.
Have a great weekend,
Jeff