We present an analysis of refugee immigration and public sector finances. We present two measures of the public sector’s net costs related to refugee immigration. In the first, public revenues are related to all public costs associated with refugee immigration. The second relates public revenues to public costs associated with immigration, excluding costs that can be assumed to be fixed in the short run when refugee immigration increases. We are able to present an upper and a lower bound for the public net costs of refugee immigration. During a refugee’s first year of residency in Sweden, the public sector net costs for that refugee’s immigration are between 125,000 SEK and 190,000 SEK, depending on how public costs are allocated to the refugee population. After seven years, the cost is between 37,000 SEK and 95,000 SEK. Large differences are found between refugees with different educational attainment.