It's a staggering number.
Minnesota's revenue forecast, revealed Tuesday morning, shows a $7.7 billion surplus headed into the new year.
That's the projection according to numbers released by Management and Budget.
It's the largest budget surplus in the history of the state of Minnesota
Funding from federal programs like the infrastructure law recently passed in Washington and adjustments during the pandemic have led to the windfall.
"They really revised the forecast at the beginning of the pandemic, and wisely so because you didn't know what the economy was going to do," said WCCO political analyst Blois Olson on the Morning News. "So, they went very conservative."
Olson points out tax collections have increased a $750 million in the first quarter of the current budget cycle.
A state budget is already in place through mid-2023 following negotiations during last year's legislative session.
With the new budget forecast, the governor's race, and elections for all Minnesota lawmakers, a supplemental budget will be crafted during the upcoming regular session.