ST. PAUL, MN — On June 11, 2021, Governor Tim Walz and Lieutenant Governor Peggy Flanagan released a statement regarding the State of Minnesota's monthly revenue report issued by the Minnesota Management Budget.
The Minnesota monthly revenue showed an increase than before; in May, the net general fund revenue totaled $3.306 billion, which is 119.0% more than predicted. For the year 2021, the revenue totaled $23.113 billion that is $2.170 billion, 10.4% more than expected.
While the other revenues are the same as predicted, the net receipts from individual income, sales, and corporate taxes for the month have exceeded more than expected. In 2020, individual income tax payment was normally made in April, but in 2021 taxpayer was allowed to delay and extend the payment until May 17.
Governor Walz stated that Minnesota's economy is strong and that they are working to make it stronger than before. He also commented on Minnesotans' resilience.
He expected the state's legislative leaders to pass a budget for all Minnesotans. The COVID-19 budget will allow the state to rebuild and rice by supporting working families, students, and small businesses while further driving the state's economic recovery.
Lieutenant Governor Flanagan statement adds that Minnesota is still enduring the financial impact caused by the pandemic. However, the monthly revenue report shows that Minnesota has the resource to make an investment that helps other who is still recovering.
He also believes that Minnesota can build a budget to invest for the future of Minnesota's children and improve the lives of families in the state.