Frans projects MN revenue shortfall of $4.7B

Frans projects MN revenue shortfall of $4.7B Click to Enlarge

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.”

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