It Appears Minnesota’s $9.25 Billion Surplus is Growing
St. Paul, MN (KROC-AM News) - The State of Minnesota continues to collect taxes at a level that is significantly higher than predicted.
For the month of May, Minnesota's net general fund revenues totaled nearly $1.9 billion. According to the Minnesota Management and Budget Office, that was $535 million, or about 40 percent higher than expected.
Individual income tax payments came in $488 million higher than projected, while corporate tax payments exceeded the February forecast by $8 million. Miscellaneous other revenues were $50 million above the projection, while sales tax revenues came in $11 million below the expected level.
For the current fiscal year, general fund revenues now total nearly $27 billion. That is a bit over $2.3 billion, or 9.4-percent higher than the number predicted by the February State Revenue Forecast.