(Olivia MN-) The office of Minnesota Management and Budget Tuesday released it's annual November economic forecast. The report, which details the state’s budget picture, projects a surplus of $641 million for the current 2020-21 budget cycle, and a $1.27 billion deficit for years 2022 and 2023. The forecast represents a dramatic improvement from the $4.7 billion deficit projected in May.

Senator Andrew Lang of Olivia issued the following statement:

“It is good news that the state’s financials have improved far more than most of us expected, but there are still warning signs on the horizon. Closing the projected deficit for the next cycle will require some tough decisions, but we have to do it using existing resources. Asking Minnesotans for more of their hard-earned money before asking bloated state agencies to reduce spending is simply out of the question -- especially when people are already getting hammered over and over by the governor’s executive orders. It is time to tighten government’s belt.”