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July 31 Revenue Update

7/31/2020 11:41:02 AM

In preparation for the August sales, MMB is releasing a revenue update with planning estimates for the 2022-23 biennium. The revenue update confirms the May 2020 Interim Budget Projection, including the projected deficit for the current biennium. Minnesota’s net general fund receipts for Fiscal Year 2020 are now estimated to total $22.890 billion. This is $58 million or 0.3 percent lower than the May Interim Budget Projection. As we plan for 2022-23, the planning estimates show a projected revenue shortfall of $4.7 billion due to lower revenue and higher expenditure projections.

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