April State Revenues Were Slightly Higher Than Expected
St. Paul, MN (KROC-AM News) - Overall state revenues last month nearly matched up with the updated state revenue forecast that projects a nearly $2.4 billion-dollar budget deficit by the end of the current state budget cycle next summer.
The April Revenue Review by the Minnesota Office of Management and Budget shows the state's general fund revenues totaled $1.716 billion last month. That is $12 million, or less than one percent above the level predicted by the recently released projections that were ordered because of the economic downturn stemming from the coronavirus pandemic.
Individual income tax, sales tax, and corporate tax payments came in about $38 million higher than predicted while the amount collected in fees and other miscellaneous revenues missed the target by about $26 million. The report also notes April is normally the month during which the state sees the highest amount of individual income tax payments and the decision to extend the tax filing deadline until mid-July may cause some of the revenues expected last month to show up over the next couple months.