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Davids




Hello from the State Capitol,

 

On December 4, Minnesota’s economic experts unveiled the state’s latest budget forecast.

 

For the remainder of the state’s current budget cycle, a projected $2.465 billion surplus is expected. The bad news? For the next budget cycle in 2028-29, Minnesota is expected to deal with a nearly $3 billion deficit.

 

The administration and previous legislature agreed to spend a nearly $19 billion budget surplus two years ago and grow state government spending by nearly 40%. We’re spending more than $60 billion on state government programs, so it’s not surprising that revenue collections can’t keep up.

 

In 2028 and 2029, Minnesota is projected to spend $5.4 billion more than it collects in taxes. If the legislature hadn’t cut spending last session, the deficit would be nearly 50% higher.

 

Reducing government spending last session was the right approach, and this forecast shows we’ll need to do it again next session if we want to avoid a future deficit situation.

 

Xmas

 

With Christmas Day just around the corner, I wanted to wish you a very merry Christmas. Here's hoping you will be able to spend cherished time with your family and friends this season.

 

Merry Christmas and Happy New Year!

 

Greg 









2214 Centennial Office Bldg.
658 Cedar Street
St. Paul, MN 55155
651-296-9278
[email protected]







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