Minnesota’s net general fund receipts for the first quarter of FY 2023 are now estimated to total $7.024 billion, $289 million (4.3 percent) more than forecast in the February 2022 Budget and Economic Forecast. 

Net receipts exceeded the projection for all major tax types. Net individual income tax receipts were $6 million (0.2 percent) more than forecast for the first three months of FY 2023. Higher than expected gross receipts more than offset higher than expected refunds.

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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.