Minnesota’s net general fund receipts totaled $4.558 billion during the months of July through September 2017, or $66 million (1.4 percent) less than projected in the February 2017 Budget and Economic Forecast adjusted for legislative changes. Receipts for the individual income tax, sales tax, and other revenues were below the forecast for the quarter.

Net individual income tax receipts were $42 million (1.6 percent) less than forecast for the first three months of FY 2018. Lower than expected gross tax receipts more than offset refunds that were below the forecast. (See page 4 for details.) Payments associated with tax year 2017 economic activity—income tax withholding and estimated payments—were about $61 million below the forecast. Estimated tax payments for the quarter were about 2.1 percent lower than payments during the same period one year ago.

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