Minnesota’s Revenues Beat Projections by $555 Million
St. Paul, MN (KROC-AM News) - The State of Minnesota finished the fiscal year with an extra half billion dollars.
The Minnesota Department of Management and Budget says the state’s general fund revenues for the 12-month period that ended June 30th totaled $20.363 billion dollars. That is 2.8-percent, or about $555 million higher than the level predicted by the most recent state revenue forecast that was issued in late February.
The report notes state revenues during the final 3 months of the fiscal year topped expectations by over $450 million with higher than predicted individual and corporate income tax payments accounting for nearly all of the extra revenue.
When compared to the previous fiscal year, Minnesota’s general fund revenues were up about 5.6-percent.