Minnesota’s net general fund receipts totaled $5.027 billion during the months of July through September 2018, or $282 million (5.9 percent) more than projected in the February 2018 Budget and Economic Forecast adjusted for minor legislative changes. Receipts for all major tax types were above the forecast for the quarter.

Net individual income tax receipts were $67 million (2.5 percent) more than forecast for the first three months of FY 2019. Higher than expected gross receipts and lower than expected refunds both contributed to the positive variance. Payments associated with tax year 2018 economic activity—income tax withholding and estimated payments—were about $43 million above the forecast.

View complete October 2018 Revenue and Economic Update, including tabular data