You should not use the MONTH function inside the TEXT function... you want the physical date there and TEXT will parse it for you. Your modified formula should be...
Excel Formula:
=TEXT(D3,"MMMM")&" "&YEAR(D3)&" Update"
But since TEXT can parse dates, you can get it to give you both the month and year at the same time. Hence, your formula can be shortened to this...
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