ST. PAUL – State Rep. Matt Bliss, R-Pennington, issued the following statement in response to Minnesota Management & Budget on Friday issuing a new state economic forecast which projects a $1.6 billion surplus for the 2022-23 budget cycle, a sharp turnaround from the $1.3 billion shortfall projected in December for the same period:
“It is good to see our state’s economy has not only stabilized but has improved our bottom line by leaps and bounds after concerns for a multi-billion-dollar shortfall arose in recent months,” Bliss said. “That said, people have been struggling to stay afloat and others haven’t been that fortunate. It is a bad idea for the state to raise taxes on the same people the governor’s restrictions put out of work or caused to lose income, so I hope we can put that subject to rest this session. Our focus should be on safely re-opening Minnesota to help families and businesses get back on track as our state’s economy rises.”
MMB said the turnaround is due, in large part, to an improved U.S. economic outlook that is bolstered by large federal actions that have emerged since November and were not incorporated in earlier projections. The projected surplus also is related to a higher revenue forecast, lower state spending, and an increased surplus for the current fiscal year.