Revenue and Economic Update

The Minnesota Management and Budget office is reporting that first-quarter revenues for the fiscal year 2023 are above the February forecast.

The state’s general fund receipts are estimated at seven-billion dollars, four-point-three percent more than the February prediction.  Officials say net receipts exceeded projections for all major tax types.  Estimated income tax payments for the first three months are 81 million dollars more than the February forecast. The next official budget and economic forecast will be released in early December.