No Sign of a Slow Down For Minnesota Tax Collections
St. Paul, MN (KROC-AM News) - An updated State Revenue Forecast is due out in a few weeks and a new report makes it more likely that it will project an even larger state budget surplus.
The Minnesota Office of Management and Budget is reporting that net general fund revenues totaled more than $2.9 billion in January. That is $270 million, or more than 10% higher than expected
Individual income tax payments exceeded the projection by almost $280 million and corporate tax receipts came in $66 million above the level forecast last November. The report also showed sales tax payments were $42 million less than anticipated and revenues from fees and miscellaneous other sources missed the target by about $33 million.
For the current fiscal year, which began last July, the state's general fund revenues now total about $17.3 billion. The report indicates that is $487 million, or 2.9% more than forecast.
The most recent State Revenue Forecast predicted a budget surplus of more than $17 billion.