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July Revenue and Economic Update

7/12/2021 2:02:02 PM

Minnesota’s net general fund receipts for FY 2021 are now estimated to total $26.582 billion, $2.684 billion (11.2 percent) more than projected in the February 2021 Budget and Economic Forecast. Net receipts from all major taxes exceeded the forecast. State revenues in the final quarter of FY 2021 were $2.121 billion (28.7 percent) more than forecast in February.

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.

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