New State Revenue Report Points to Budget Surplus
St. Paul, MN (KROC-AM News) - Minnesota tax collections in October added to what is expected to be a budget surplus for the next state legislature.
The state Office of Management and Budget today reported general fund revenues for the month of October totaled just under $1.8 billion. That was about $40 million, or 2.3-percent, above the level predicted by the most recent state revenue forecast issued in February. Preliminary figures show higher-than-expected individual income tax and corporate tax payments more than offset lower than predicted sales tax revenues last month.
For the current fiscal year, state revenues are running $322 million, or five-percent, above the forecast. An updated state revenue forecast is due out in December.