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August 2017 Revenue and Economic Update Now Available

9/11/2017 10:55:42 AM

Net general fund revenues totaled $1.509 billion in August 2017, $17 million (1.1 percent) more than forecast. Higher than expected net individual income tax receipts offset sales and corporate tax receipts that were below the forecast. For fiscal year 2018, year to date receipts are now $2.484 billion, $50 million (2.0 percent) less than forecast.

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. Other revenues often include unallocated accounts receivable which will be added to receipts for the appropriate tax when identified. A more complete report covering July, August, and September receipts will be issued as part of Minnesota Management and Budget’s October Revenue and Economic Update. That report will also update FY 2017 revenues to reflect the official closing of the fiscal year.

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