The current deficit predictions are much improved from previous predictions. | Stock Photo
The current deficit predictions are much improved from previous predictions. | Stock Photo
The Office of Minnesota Management and Budget (MMB) recently released its annual November economic report, according to the Minnesota Senate Republican Caucus.
The report forecasts a picture of the state’s budget and predicts a surplus of $641 million for the current 2020-21 budget cycle, but also predicts a $1.27 billion deficit for years 2022 and 2023. This is still a significant improvement from the $4.7 billion deficit projected last May.
“This forecast has me cautiously optimistic,” Sen. Jeremy Miller (R-Winona) said. “Our economic picture is much less dire than what was anticipated back in May, but we still have a budget deficit that we must address. I am hopeful that things will continue to improve over the next few months, and when the new forecast is released at the end of February that the budget will improve even more. That being said, this is an important time to review each budget area to look for savings, find efficiencies, reduce waste and improve services. I also believe it’s incredibly important to find bipartisan ways to provide prompt assistance to small businesses who have been forced to close as a result of the governor’s most recent executive orders.”
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