Minnesota state revenue above February forecast

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According to Minnesota Management and Budget (MMB), the state’s net general fund receipts for fiscal year (FY) 2018 are now estimated to total $22.034 billion — $348 million (1.6 percent) more than projected in the February 2018 Budget and Economic Forecast.

Higher than expected net individual income tax, corporate tax receipts, and other receipts more than offset net sales tax receipts that were less than forecast. General fund revenues for FY 2018 are now estimated to be 4.7 percent greater than in FY 2017. State revenues in the final quarter of FY 2018 were $342 million more than forecast.

Net individual income tax receipts are estimated to end the year $330 million (2.9 percent) more than forecast. Gross income tax receipts were $275 million above the forecast, and refunds were $54 million less than expected. Net individual income tax receipts are estimated to end the year $330 million (2.9 percent) more than forecast. Gross income tax receipts were $275 million above the forecast, and refunds were $54 million less than expected.

MMB estimates that net corporate tax receipts ended FY 2018 $20 million (1.6 percent) above the forecast. Gross receipts in excess of the forecast and lower than expected refunds both contribute to that variance. The estimated closing value for other net receipts is $54 million more than forecast.

See https://mn.gov/mmb-stat/000/az/forecast/2018/revenue-and-economic-update/july-2018.pdf for more information.

About mnmsba

The Minnesota School Boards Association, a leading advocate for public education, supports, promotes and strengthens the work of public school boards.
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