Revenue and Economic Update, First Bill Movement, Vaccine Pilot Program

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.

Read more: First Bill Movement, Vaccine Pilot Program, 2021 Legislature Document