State Revenues Exceed February Forecast by $336 million
- Minnesota’s net general fund receipts for FY 2012 are now estimated to total $16.450 billion, $336 million (2.1%) more than forecast in February.
- Receipts from the individual income tax, the sales tax, and the corporate income tax were all above projections.
- Net general fund receipts in fiscal 2012 are now estimated to be 5% greater than fiscal 2011.
Even though the recession’s impact is a little less severe in Minnesota, the projections for FY 2013 and the 2014-15 biennium are less optimistic than earlier in the year.
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