Minnesota’s Tax Collections Continue to Beat Expectations
St. Paul, MN (KROC-AM News) - State tax collections for the first month of the new fiscal year were about 3- percent higher than expected.
The Minnesota Department of Management and Budget is reporting that overall tax collections in July totaled just over a billion dollars, which exceeded the level predicted by the most recent state revenue forecast by $30-million dollars.
Revenues from the state sales tax and individual income tax payments were both stronger than expected.
When the previous fiscal year ended last month, the state had a surplus of of $555 million.