Minnesota Management and Budget announced today that Minnesota’s net general fund revenues in February and March are $106 million more that finance officials projected. The state agency reports that individual income tax receipts were $60 million more than forecasted in February. Sales taxes were $27 million more. Corporate income taxes were $3 million less than forecast.
Finance officials also say the U.S. is still recovering from the Great Recession but that the “U.S. economy remains fragile.” Minnesota’s employment has recovered more rapidly than the national average. The state’s unemployment rate of 5.7 percent in February is tied with Utah and Virginia for 7th lowest rate in the nation.
State budget officials announced in February that the state had a surplus of $323 million. That surplus comes on top of an $876 million surplus released in December.
Here’s the latest Economic update from MMB: