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St. Paul, MN (KROC-AM News) - A preliminary report shows the State of Minnesota finished the previous fiscal year with an extra $529 million.

The Minnesota Office of Management and Budget says the state's overall revenues for the fiscal year that ended on June 30 totaled almost $30.4 billion. That was $529 million or 1.8% above the amount that was predicted by the most recent state revenue forecast issued in February.

Minnesota Management and Budget
Minnesota Management and Budget
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For the fiscal year, individual income tax payments were $305 million, or 2%, above the projection. Revenues from corporate tax payments exceeded the forecast by $163 million, or 5.9%, and income from fees and other miscellaneous revenue sources was 1.5%, or $65 million higher than expected. The report also shows the forecast for sales tax revenues was nearly perfect with collections just $3 million lower than the $7.4 billion prediction.

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State revenues in the final quarter of the fiscal year were especially strong. The preliminary reports show overall state revenues in April, May, and June beat the revenue forecast by $353 million, or 4.1%.

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