St. Paul, MN (KROC-AM News) - The State of Minnesota's tax collections during the final two months of last year were well above the level predicted by the brand new state revenue forecast that was made public in early December.

A new Revenue and Economic Update from the state shows the state's overall revenues totaled just under $3.88 billion for November and December. That was $155 million, or 4.2-percent higher than projected. Individual income tax payments topped expectations by 2.7-percent while corporate tax payments were over 26-percent higher than forecast for the two-month period. The report shows revenues from sales tax payments missed the forecast by only a half-percentage point at almost $980 million.

The Minnesota Department of Management and Budget will be issuing another update to the state revenue forecast in late February or early March while the State Legislature is in session. The forecast from late last year projected a $1.3 billion budget surplus by the end of the state’s current budget cycle in the summer of 2021.

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