Revenue and Economic Update
Minnesota Management and
Budget (MMB) released a revenue and economic update, which showed a 4.3 percent increase over projection for general fund revenues in November and December. A huge variance over projection were net corporate tax receipts, which came in at a whopping 36.1 percent above forecast.
The next full Budget and Economic Forecast will be conducted in February and should be released in early March. Even with a more positive outlook in revenues than originally projected during the beginning of the pandemic, the state still faces a large budget shortfall to deal with in the current legislative budgeting cycle.
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