Minnesota’s April Revenue 31 Percent Over Forecast
ST. PAUL -- The net revenue in the month of April for the state of Minnesota was more than 31 percent above the projected forecast.
The Minnesota Office of Management and Budget says revenues total nearly $4.7 billion in April which is $1.1 billion more than forecast. Net receipts from individual, sales and corporate taxes for the month exceeded the estimates, while other net tax revenues were lower than expected.
Minnesota Governor Tim Walz released a statement saying,
“This news tells us that Minnesota’s economy is strong and continuing to grow,” “But as global supply chain disruptions and inflation continue to challenge the working families and small businesses that make up the foundation of our economy, now is not the time to cut taxes for the wealthy at the expense of investments in education, child care, and public safety. Now is the time to deliver direct support in the form of $1,000 checks to families, while making long-term investments to lower costs and improve Minnesotans’ lives for generations to come.”
Year-to-date receipts for the fiscal year 2022 are 7.6 percent - or $1.80 billion - over the forecast.
The Minnesota Management and Budget Office says monthly revenue variances should be interpreted with great caution. A more complete report covering April, May, and June receipts will be coming out in July.
The most recent budget forecast back in February had a projected nearly $9.3 billion budget surplus.