Revenue Report Points to Another State Budget Surplus

St. Paul, MN (KROC-AM News) - Minnesota tax collections exceeded expectations during the third quarter of this year.

A budget update from the Minnesota Office of Management and Budget indicates the state took in just over $5 billion dollars during July, August, and September. That’s $282 million, or almost 6-percent, above the level predicted by the most recent state revenue forecast issued in February.

The report shows individual income tax payments exceed the projections by 2.5-percent, while corporate tax payments were over 24-percent higher than forecast. The state’s revenues from sales tax collections totaled $1.284 billion, which was about a million dollars above the level predicted by the February forecast.

The report also shows the state wrapped up the previous fiscal year at the end of June with tax collections and other revenues $376 million above the February forecast. That’s almost $30 million higher than the previous estimate issued by the state in July.

The next state revenue forecast is scheduled to be released in December.