Greetings,
Today, we learned that the Minnesota general fund tax revenues for January were $106 million more than the original forecast. This is the final revenue projection we will see before the all-important state economic forecast on February 26. The February forecast is a more fine-tuned look at what the future economic health of the state could look like in the coming months. This information will no doubt be helpful as the Legislature begins its work on March 8.
We expect the state surplus to continue to grow in the coming weeks. This economic data will be helpful as there are two important conference committee bills pertaining to tax cuts and road and bridge infrastructure funding.
As we approach the legislative session and learn more about the February forecast, I’ll be in touch with more information. If you have questions about the surplus, forecast, or the 2016 session, please contact my office.
As always, it is an honor to represent you in St. Paul.
Sincerely,
Tim