Minnesota Ends Fiscal Year With Revenue Slightly Above Forecast

St. Paul, MN (MinnesotaNow) - Minnesota ended its 2026 fiscal year with modestly higher-than-expected tax collections.

State General Fund Revenue Tops $33.5 Billion

A new report issued by the state Office of Management and Budget shows overall general fund revenues for the fiscal year that ended on June 30 totaled just over $33.5 billion. The report indicates that was nearly $250 million, or seven-tenths of a percentage point, above the level predicted by the most recent state revenue forecast issued in February.

Individual Income Tax Revenue Exceeds Expectations

According to the report, individual income tax payments exceeded the projection by $492 million, or about 2.8%. General sales tax revenues were slightly above the forecast at nearly $7.87 billion, and revenues from fees and other miscellaneous sources came in 1% higher than projected at $4.8 billion.

Corporate Tax Payments Fall Short of Projections

There was one major revenue category that was significantly lower than predicted. The state agency says corporate tax payments came in at just under $3 billion, which was more than $300 million, or 9.5%, less than expected.

The report stresses that the figures are preliminary and could change before the state officially closes the books on the fiscal year in mid-August.

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Economic Growth Forecast Downgraded

Looking ahead, the economic forecasting consultant used by the State of Minnesota has downgraded its predictions for national economic growth through the remainder of this year. The updated forecast predicts that U.S. gross domestic product will grow by 2% this year. The state revenue forecast issued in February predicted GDP growth of 2.7%.

The report blames higher energy costs connected to the Iran war for the reduction in projected economic growth. The February forecast predicted that crude oil would average around $59 a barrel this year, but the Middle East conflict has pushed energy costs higher, and the economic consultant is now predicting that the price of oil will average $82 a barrel through next year.

Remarkable Property Now Listed For Nearly $12 Million In Duluth, Minnesota

Set on more than 20 acres above Lake Superior, this Nor-Son-built estate sits right up against the Hawk Ridge Nature Reserve, one of the most protected and scenic stretches of land anywhere near Duluth. It was finished in 2015, and at nearly 10,900 square feet, it offers a sense of scale that is hard to find this far north.

The kitchen is the heart of the main floor, tucked beneath a curved, Tuscan-style barrel ceiling. Two islands give you room to spread out, a walk-in pantry sits just off to the side, and the appliance package is built for cooking for a crowd rather than a weeknight dinner.

Step into the main living area, and the ceilings climb. A large fireplace anchors the room, which then opens into a dedicated piano room, and that tells you plenty about how the whole house is meant to be enjoyed.

The showstopper, though, might be the room the sellers call "The Lodge." At just under 1,300 square feet, it plays like a private Northwoods getaway dropped inside the house, all reclaimed wood and exposed post-and-beam work.

There is a stone fireplace, a wet bar, a wine room that holds roughly 2,000 bottles, and a screened porch right off it for the warmer months.

The owner's suite is practically its own apartment. At around 2,800 square feet on the main level, it includes two separate sitting areas, his-and-hers closets, a marble bathroom, a steam room, and yet another fireplace.

Head upstairs and you will find a loft, another guest suite, and a home office, all opening onto a large deck with long views of the lake and the trees. There is even a separate guest suite over the garage for company.

However, as impressive as the inside is, the outside really sets this one apart. There, you'll find a 1,000-square-foot screened veranda with its own outdoor kitchen that looks over a 36-by-18 heated pool and the water beyond.

Keep walking, and the grounds open into an apple orchard, a stocked trout pond, and a skating pond with a warming house for Minnesota winters.

The property also backs directly onto hundreds of acres of protected land at Hawk Ridge, and a neighboring 100-acre equestrian farm can be purchased separately.

All of this luxury is just minutes from downtown Duluth, the airport, and major medical facilities. Take a look through this impressive estate, which went on the market in June 2026 for $11,999,000.

Gallery Credit: Michael Lynch - Sotheby's International Realty (Photos: Spacecrafting)

Filed Under: economy, Minnesota, taxes

Categories: State News