Tax revenues continue to soar

According to the Minnesota Management and Budget,

Net general fund revenues totaled $1.767 billion in July, $64 million (3.8 percent) more than forecast. Net sales tax receipts for the month exceeded the forecast, and net receipts from individual income, corporate, and other taxes were lower than expected. July is the first month of FY 2023, so the fiscal year variance is the same as the monthly variance.

While all tax receipts are over the forecast, there is a slowdown in income receipts. So, whether tax receipts will keep up with the forecast is yet to be seen for the remainder of the 2023 fiscal year.

But as of right now, Minnesota has collected almost $3 billion more in taxes than what was forecast in February.