Minnesota State Fair reports big net increase in 2022 from 2021

The 2022 Minnesota State Fair annual report shows 2022 led to an $11.5 million increase in the fair’s net financial position from the previous year, which only netted $3.2 million.

2022 operating revenue and expenses were both up, ending the fiscal year with $9.6 million in operating income compared to $1.4 million in 2021.

Overall, the fair’s net position increased to $67.3 million with $11.5 million netted in 2022.

The report says that the uptick primarily came from an increase in operating income coupled with a $1.5 Paycheck Protection Program (PPP) loan forgiveness.

The fair says their income mostly comes from three areas: ticket sales, licensing of commercial exhibit space and renting their facilities for non-fair events.

2022 brought in $31.4 million in ticket sales, accounting for 47% of the fair’s income for the year.

Ticket sales included gate admission, parking and Grandstand tickets.

The finances in the annual report were audited.