BUDGET PROJECTION – NONPARTISAN STAFF SUMMARY
State general fund revenue was $35 million above the forecasted amount for October 2017.
The latest Minnesota Management & Budget information compares actual receipts for October of 2017 to receipts projected by the February 2017 general fund forecast (and adjusted for 2017 legislative session actions) for the same period.
The net $35 million positive variance is the sum of the variances in several areas. The chart below reflects the forecasted amount, actual revenue and the difference (dollars are in millions) for October.
| |
Forecast |
Actual |
Difference |
| Individual income tax |
$780 |
$780 |
$0 |
| Sales tax |
490 |
487 |
-3 |
| Corporate income tax |
50 |
70 |
20 |
| Other revenues |
345 |
362 |
18 |
| Total |
$1,665 |
$1,700 |
$35 |
Revenue for the first three months of FY 2018 was $66 million below the forecasted amount, after adding the October variance of positive $35 million, FY 2018 revenue is $31 million below the forecasted amount for the first four months. MMB reported that revised revenue for FY 2017 (the year that ended June 30, 2017) was $1 million below the forecasted level. Since the last forecast revenue is $32 million below the forecasted amount (-1-66+35).
Minnesota Management & Budget has set Tuesday, December 5 as the date for release of the November 2017 budget forecast.
CONGRATULATIONS TO APPETITE FOR CHANGE FOR RECEIVING A 2017 BUSH FOUNDATION PRIZE FOR COMMUNITY INNOVATION
Yesterday, the Bush Foundation awarded the 2017 Bush Prize for Community Innovation to Appetite for Change and six other organizations. These organizations were awarded because they are “models of true problem solving, they work inclusively, in partnership with others, to make their communities better for all.”
Appetite for Change was awarded $470,981 for 36 months. You can find more information about the 2017 Bush Prize Winners here.
I encourage you to contact me with any questions, comments, concerns, or ideas on any legislative topic. Also, I am available during select hours on Monday and Friday mornings most weeks for in-district meetings, if Northside residents aren’t able to make it to the Capitol. If you would like to send me a message or set up an in-district meeting, you can reach me by phone at 651-296-4262 or by email at rep.fue.lee@house.mn. I look forward to hearing from you!