Minnesota Management and Budget (MMB) recently released its monthly general fund budget update, showing that the state took in 16.7% more in revenue for January than previously forecast. The update also showed that the fiscal year to date (July 1, 2025, through January 2026) is now $558 million higher (3.1%) than forecasted back in November.
Source: MMB January 2026 Revenue Review.
The update notes that the wide swing upward in January should be viewed with caution since there is a gap between when income tax revenues are received and when refunds are issued. A clearer picture of January, February, and March tax receipts will be available in the April Revenue and Economic Update. Click here to read the full report.
For questions about this analysis, please contact CGMC Director of Research & Analytics Derrick Miedaner at djmiedaner@flaherty-hood.com.
