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Unexpected $850 Million Surplus Boosts Minnesota's Fiscal Health

7/28/2025

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Summary

Story summary

Minnesota's general fund ended the fiscal year with an unexpected surplus of $850 million, totaling over $31.9 billion.
Individual income tax payments reached $16.6 billion, surpassing forecasts by 6.8%.
Sales tax collections were slightly below projections at $7.5 billion, and corporate taxes fell short by 3.2% at $3.2 billion.
A fiscal year 2025 report will be released in October, projecting a cautious economic outlook through 2029.

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Story summary

Minnesota's general fund ended the fiscal year with an unexpected surplus of $850 million, totaling over $31.9 billion.
Individual income tax payments reached $16.6 billion, surpassing forecasts by 6.8%.
Sales tax collections were slightly below projections at $7.5 billion, and corporate taxes fell short by 3.2% at $3.2 billion.
A fiscal year 2025 report will be released in October, projecting a cautious economic outlook through 2029.