State Revenues Missed Target in May

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S. Paul, MN (KROC-AM News) - The state revenue review for the month of May was the first in many months to report that state tax collections failed to meet expectations.

The Minnesota Office of Management and Budget says the state’s general fund revenues came in at just under $1.87 billion last month. The total was $7 million, or less than half of a percentage point, below the level predicted by the most recent state revenue forecast.

The report shows individual income tax payments were $45 million lower than predicted, while corporate tax receipts missed the target by $13 million. Revenues from the state sales tax totaled $552 million, which was $2 million less than expected. Meanwhile, state revenues from user fees and other miscellaneous sources ended up $53 million above the forecast for the month of May.

Since the beginning of the fiscal year last July, overall state revenues have reached almost $26.9 billion dollars. That is $303 million, or 1.1% more than forecast.