Frans projects MN revenue shortfall of $4.7B
Pat Sweeney | Jul 31, 2020 AT 4:53 pm
As Minnesota prepares for the 2022-23 biennium, Management
and Budget Commissioner Myron Frans said planning estimates show a projected
revenue shortfall of $4.7 billion, due to lower revenue and higher expenditure
projections associated with the COVID-19 pandemic.
Frans says Minnesota’s net general fund receipts for Fiscal Year 2020 are now estimated to total $22.89 billion…which is $58 million or point-3 percent lower than the May Interim Budget Projection.
Frans also said that 2019 income tax payments are lower than projected in May by $226 million.
The Commissioner said “economic conditions remain extraordinarily volatile.”