The state’s largest single fund is the General Fund. State collections of individual income taxes, retail sales taxes, business, and other taxes are deposited into this fund.
What is Minnesota’s main source of income?
agricultural
Minnesota is a leading state in annual farm income. It ranks at #5 among the states, generating about 4% of the nation’s total agricultural receipts. In terms of revenue generated Minnesota’s top five agricultural products are corn for grain, hogs, soybeans, dairy products, and and cattle and calves.
What is the largest expense for the state of MN?
National per capita direct general expenditures were $10,161. Minnesota’s largest spending areas per capita were public welfare ($3,021) and elementary and secondary education ($2,422). The Census Bureau includes most Medicaid spending in public welfare but also allocates some of it to public hospitals.
Is Minnesota a rich state?
Minnesota is the tenth richest state in the United States of America, with a per capita income of $23,198 (2000).
How much money is Minnesota in debt?
In the fiscal year of 2021, Minnesota’s state debt stood at about 17.49 billion U.S. dollars.
Who is the biggest employer in Minnesota?
| Greater MSP 2021 Ranking | Company | Fortune 500 Ranking |
|---|---|---|
| 1 | United Health Group | 5 |
| 2 | Target | 30 |
| 3 | Best Buy | 66 |
| 4 | 3M | 96 |
What are the 3 major industries in MN?
Major industries include utilities, fabricated metal product manufacturing, machinery manufacturing, plastics and rubber manufacturing, furniture and related product manufacturing, manufacturing, health care and retail.
How much money does Minnesota make in taxes?
Minnesota’s income tax is a graduated tax, with four rates: 5.35 percent, 7.05 percent, 7.85 percent, and 9.85 percent. The rates are applied to income brackets that vary by filing status.
How much federal money does Minnesota get?
Minnesota will receive an estimated $3.505 billion in program-specific federal funds as part of the American Rescue Plan (ARP).
How much money does Minnesota have?
The grew to $1.51 billion in February of that year when COVID was barely mentioned in the forecast. A special update in May showed a $2.42 billion deficit. In November, 2020, that was replaced by a $641 million surplus, followed by a $1.6 billion surplus in February, 2021 and a $7.75 billion surplus last December.
Which is poorest state in USA?
Poverty rates were highest in the states of Mississippi (19.58%), Louisiana (18.65%), New Mexico (18.55%), West Virginia (17.10%), Kentucky (16.61%), and Arkansas (16.08%), and they were lowest in the states of New Hampshire (7.42%), Maryland (9.02%), Utah (9.13%), Hawaii (9.26%), and Minnesota (9.33%).
What state is richest in USA?
Richest U.S. States by GDP
- 1. California. California, the nation’s most populous state, has the largest state GDP of $3,120,386,000. California’s median household income is $80,440, the sixth-highest in the U.S.
- Texas.
- New York.
- Florida.
- Illinois.
What are the 10 poorest states in the US?
These states and territories have the highest percentages of poverty in the country: Mississippi, Louisiana, New Mexico, Kentucky, Arkansas, West Virginia, Alabama, the District of Columbia, South Carolina, and Georgia.
How much does Minnesota spend on welfare?
Statewide annual expenditures are $280 million. Benefits are determined by income and household size. Able-bodied adults, ages 18 to 50 without children, must meet work requirements. Legal noncitizens age 50 and over, who are not eligible under the federal program, are eligible to receive state-funded food benefits.
What is Minnesota’s budget?
Budget officials say the state is projected to take in $57.3 billion during the current biennium, which runs through June 30, 2023, while spending $51.7 billion. For the 2024-25 biennium, revenues are expected to rise to $60.6 billion and spending to $54.3 billion.
How much of Minnesota’s budget goes to education?
Education already takes up 40% of state budget, adding billions more is risky. Minnesota spends a lot on education. According to the Minnesota Management and Budget (MMB), our state government is poised to spend nearly $52 billion in the 2022-2023 biennium.
What industry is Minnesota known for?
Agriculture. Agriculture has been a core industry of Minnesota since the beginning and shows no signs of slowing down. The sector continues to grow and support the economy of the state, from crop production to agricultural education and thriving agribusiness.
What is the most valuable company in Minnesota?
Minnesota’s Most Valuable Brands of 2021 Revealed
- United Healthcare is Minnesota’s most valuable brand, with a brand value of US$27.3 billion.
- Target (US$20.7 billion) and Optum (US$12.4 billion) complete Minnesota’s top three.
- Target also recorded the fastest brand value growth in Minnesota this year, up 30% from 2020.
Why are there so many Fortune 500 companies in Minnesota?
“As general populations have moved more to the south and the west, we see business headquarters there also,” Shaver says. “But here in the Twin Cities, we’re in neither the south nor the west, and we’ve increased the number of Fortune 500s over the last 60 years.
Is Minnesota rich or poor?
Minnesota’s wealth is impressive, but not extravagant. The state’s residents are mostly middle or upper-middle class, and its poverty rate of 8.7% is the 2nd lowest of any top 10 state.
Does Minnesota have a good economy?
Economic Outlook Rank
Minnesota is currently ranked 46th in the United States for its economic outlook.