RELEASE: House Republican statement on November economic forecast

ST. PAUL, MN—The Office of Minnesota Management and Budget (MMB) released its November Economic Forecast on Friday, revealing updated budget numbers that will guide work on the state budget during the 2017 legislative session. For the current budget cycle, $334 million of this biennium’s balance will automatically go into the state budget reserve leaving $678 million in surplus for 2016-2017, and a $1.4 billion overall surplus heading into Fiscal Years 2018-19.



"Last session, House Republicans urged fiscal restraint and successfully held the line on spending. This surplus makes clear those efforts paid off," said House Speaker Kurt Daudt, R-Crown. "Now's the time to focus on helping Minnesota families by providing middle-class tax relief, working to lower health care costs, and examining every dollar of our state budget to find efficiencies and make government more accountable."



According to MMB, Minnesota has a structural surplus moving forward, with a projected surplus for the 2020/2021 biennium.



“While a surplus is positive news for Minnesota's budget, it's time now to do what we can to make sure Minnesota families can see a surplus of their own, and share in the continued economic growth," added Majority Leader Joyce Peppin, R-Rogers. "Our team is ready to get to work on passing a responsible state budget that respects taxpayers and puts more money back in the pockets of Minnesotans."



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