Minnesota’s net general fund receipts for November and December of FY 2021 are now estimated to total $4.098 billion, $167 million (4.3 percent) more than forecast in the November 2020 Budget and Economic Forecast. Net receipts exceeded the forecast for sales, corporate, and other taxes, more than offsetting net individual income tax receipts that were below the forecast. Because forecast receipts are now updated to reflect the November 2020 Budget and Economic Forecast, the fiscal year-to-date variance is the same dollar amount as the quarterly variance, $167 million above the forecast, which is 1.5 percent of fiscal year-to-date forecast revenues.

Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.