Minnesota Tax Collections Exceeded Brand New Forecast
Minnesota tax collections exceeded expectations in November just weeks after the state issued an updated revenue forecast that predicts a record-setting budget surplus of over $17 billion.
The monthly update from the Minnesota Office of Management and Budget shows the state's net general fund revenues in November totaled just over $2 billion. That's $59 million, or 3% above the level predicted by the brand-new forecast. Since the beginning of the fiscal year in July, the revenue total is up to nearly $11.3 billion.
The report shows individual income tax payments were $43 million higher than expected at $868 million. Corporate tax payments were $35 million above the projection and sales tax collections exceeded the forecast by $20 million.
Those numbers were partially offset by a deficit in various revenues. That state collected $419 million from fees and other miscellaneous sources, which was $39 million less than predicted.