
Minnesota Budget: May Revenues Outpace Forecast by 1.1%
St. Paul, MN (KROC-AM News) - A monthly update from the State of Minnesota shows tax collections for May were modestly higher than expected.
The Minnesota Office of Management and Budget reported that net general fund revenues totaled just under $2.1 billion last month. That was $23 million, or 1.1%, above the level predicted by the most recent state revenue forecast.

Higher-than-anticipated individual income tax payments accounted for nearly all of the difference. They totaled just over $1 billion, which was $166 million above the forecast.
Corporate tax payments came in $8 million higher than projected, while other major revenue sources were lower than expected. Sales tax revenues fell short by about $54 million, and revenues from fees and other miscellaneous sources were nearly $100 million below forecast.
ALSO SEE: Rochester Job Growth Still Surging Above Other Minnesota Cities
For the current fiscal year, which ends this month, general fund revenues have reached nearly $28.5 billion. The state agency says that is about $658 million, or 2.4%, higher than projected.
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