
November Revenues Miss Forecast as Budget Concerns Loom in MN
St. Paul, MN (KROC-AM News) - After many months of revenue reports showing state tax collections beat expectations, the State of Minnesota is now reporting lower than predicted revenues for the month of November.
The Minnesota Office of Management and Budget reports that net general fund revenues last month total just over $2 billion. That was $80 million, or 3.8%, below the level predicted by the state revenue forecast that was issued in February.

The monthly update indicates individual income tax payments for November totaled $888 million, which was $79 million under the forecast. Sales tax revenues exceeded the projection by $22 million, while corporate tax payments came in $7 million less than predicted and fees and other miscellaneous revenues missed the target by $16 million.
Since the beginning of the fiscal year at the beginning of July, Minnesota's general fund revenues total just under $12.2 billion.
READ MORE: State Budget Forecast Shows Projected Surplus Shrank $1 Billion
An updated state budget forecast issued earlier this month predicted that the budget surplus that was projected by the February revenue forecast for the next two-year budget cycle had been reduced by $1.1 billion to approximately $616 million. It also projected a more than $5 billion budget deficit for the following biennium.
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Gallery Credit: Minnesota Now
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