ST. PAUL, Minn. – The New House Republican Caucus today gave their response on the State’s February 2020 Economic Forecast. This morning Minnesota Management and Budget announced a $1.513 billion surplus for the fiscal year 2020-2021 in the state budget. This is up from $1.3 billion in the November 2019 forecast.
Along with a $2.359 billion Budget Reserve, this adds up to a surplus of $3.859 plus a cash flow balance of $350 million. Also, the stadium reserve account is up at $133 million over the November forecast.
“State government has already placed $2.4 billion that it over-collected from the paychecks of Minnesota workers into a government savings account”, said Rep. Steve Drazkowski (Republican- Mazeppa). “This forecast tells us an additional $1.5 million is scheduled to be over-collected from them over the next 15 months. Minnesota taxpayers have continually been forced to yield their hard-earned money for government’s future. It’s time for government to yield, and time for the working people of this state to be respected again.”
Rep. Tim Miller (Republican- Prinsburg) said, “In every year I have served we have increased spending and still had a surplus. Almost none of this money has gone to tax relief of hardworking Minnesota citizens. When is it their turn? When is it enough?”
Rep. Jeremy Munson (Republican- Lake Crystal) said, “The idea that the government needs vast cash reserves and you don’t is just appalling. We know that people are borrowing money and lack savings, and yet somehow, it’s more important that the government keep overtaxing you to make sure it has more money to spend, year over year.”
“The budget reserve is overflowing, we over extorted your income this budget cycle, and now they have a surplus in the stadium account slush fund; they are still arguing they should keep taxes high and hold on to your overpayment instead of refunding it. We will keep fighting to get you your money back said,” Rep. Cal Bahr (Republican- East Bethel).