The following is a statement from Governor Tim Pawlenty regarding the Fiscal Year 2007 First Quarter Economic Update released today by the Minnesota Department of Finance:

“This is more positive economic news and it shows our efforts to keep a lid on taxes have kept Minnesota’s economy on the right track. With total tax receipts exceeding forecasts by $73 million for the first quarter of FY 2007 and $524 million to-date for the 2006 - 2007 biennium, there is plenty of revenue to keep our state budget in the black. It’s clear from this news that our work to hold government accountable, set meaningful priorities and spend wisely is continuing to improve the health of Minnesota’s economy. We are charting a course towards even more robust growth.”

Actual revenue is $524 million above what was projected in the February forecast earlier this year.