October revenue up in Minnesota

Published 7:04 am Wednesday, November 11, 2020

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By Tim Pugmire, Minnesota Public Radio News

State finance officials reported some positive economic news Tuesday amid the ongoing COVID-19 pandemic.

The latest numbers from the Minnesota Department of Management and Budget show net general fund revenues in October were $1.96 billion. That’s $212 million or 12.2 percent better than projections made back in May.

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Monthly receipts from individual income taxes, sales taxes and corporate taxes were all better than projections, according to the agency.

The department says year-to-date receipts for fiscal 2021 are now $7.2 billion or $805 million better than projected.

The agency cautioned that the numbers are preliminary and subject to revisions. They also give only part of the budget picture because they don’t include spending in October.

A more detailed report last summer showed a $4.7 billion revenue shortfall looming for the 2022-2023 budget period.

The next full economic forecast is due in January.