The Office of Management and Budget (MMB) released their November Economic Forecast Thursday, revealing a projected surplus of $1.871 billion for Fiscal Years 2016-2017. State law puts $594 million into the state budget reserve, leaving an overall projected balance of $1.206 billion.
Such a large surplus demonstrates that Minnesotans are overtaxed. It is my hope that we can use the funds from this surplus to bring tax relief to Minnesota families as well as to pass a common sense transportation plan that does not increase the burden on taxpayers.
Additionally, during a press conference following news of the surplus, Governor Dayton declared his signature proposal to increase the state's gas tax as "dead."
I'm pleased that after nine months Governor Dayton has finally come around to our position and ruled out a harmful gas tax increase.
As you may recall, in 2015, the House passed a 10 year, $7 billion transportation plan that would fix 15,500 lane miles of road and 330 bridges statewide with bipartisan support. The governor and Democratic lawmakers blocked the measure from becoming law because of their insistence on a gas tax increase.