Between each Budget and Economic Forecast, Economic Analysis prepares monthly and quarterly updates.
The Revenue and Economic Update is published quarterly in January, April, July, and October of each year. The Revenue and Economic Update reports how actual revenue collections for the current year compare to the previous forecast and notes changes in the national and state economic outlook.
The Monthly Revenue Review is prepared in February, March, May, June, August, September, November, and December. The Monthly Revenue Review reports how actual revenue collections for the current year compare to the previous forecast.
published July 10, 2025
Minnesota’s net general fund revenues for fiscal year (FY) 2025 are now estimated to total $31.9 billion, $847 million (2.7%) more than projected in the February forecast. Net income tax was above forecast while net corporate tax, sales tax, and other revenues were below. Fourth quarter general fund revenues were $603 million (6.8 %) more than forecast.
View the full memo, including tabular data.
Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.
