Minnesota February Tax Collections Were 10% Higher Than Expected

St. Paul, MN (KROC-AM News) - A little over a week after the state issued a revised economic forecast that shrank the expected surplus for the state's next to year budget by $160 million and projected a nearly $6 billion budget shortfall for the following budget period, a new report shows tax collections for the month of February were significantly higher than expected.

The Minnesota Office of Management and Budget is reporting that general fund revenues last month totaled just under $1.28 billion. That was $116 million, or 10%, higher than forecast.

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The lion's share of the higher than projected revenue was due to individual income tax payments. They totaled $393 million in February, which was $99 million more than anticipated.

State sales tax collections were $9 million less than forecast at $544 million, while corporate tax payments came in $22 million higher than predicted at $72 million. The state also took in $4 million more than expected through fees and other miscellaneous revenues, which totaled $270 million.