Minnesota Starts Fiscal Year With Higher Than Predicted Revenues
St. Paul, MN (KROC-AM News) - Stronger-than-expected sales tax payments helped the State of Minnesota exceed the state revenue forecast for the month of July.
The Minnesota Office of Management and Budget is reporting the state's net general fund revenues totaled just under $1.9 billion last month. That is $45 million, or about 2.5%, above the level predicted by the most recent state revenue forecast.
The monthly report shows individual income tax payments came in $11 million below the projection at $922 million. Corporate tax payments were nearly in line with the forecast at $104 million, while revenues from fees and other miscellaneous sources exceeded the predictions by $15 million in July.
Collections from the state sales tax totaled $749 million, which beat the forecast by $43 million and accounted for the vast majority of the variance.