ST. PAUL – State lawmakers can now begin setting a budget course for Minnesota over the next two years after learning our state has a $1.65 billion budget surplus.
This news was revealed by state economists on February 28, and State Representative Tim Miller (R-Prinsburg) noted the total was higher than what was previously estimated.
“I’m thankful we have this surplus but we need to be prudent with this money as it belongs to taxpayers, not government,” Miller said.
Larger growth in Minnesota’s tax revenues is the main reason for the surplus growth. State income tax projections are up by $274 million over November and corporate tax projections are up $69 million.
With $1.6 billion at its disposal, Miller said there will be many discussions on how to utilize it. His preference is tax relief for middle class Minnesotans and road and bridge needs across our state.
“With this sort of surplus we should be talking about real tax cuts in certain areas and discussing our transportation needs, which is a big deal for residents in Greater Minnesota,” Miller concluded.