October State Tax Collections Beat Expectations (Barely)
St. Paul, MN (KROC-AM News) - Minnesota’s tax collections were slightly higher than expected last month.
An update released Tuesday by the State Office of Management and Budget shows the overall revenue total for October was just under $1.67 billion. That’s about $4 million, or 2-tenths of a percent above the level predicted by the most recent state revenue forecast.
The report shows individual income and sales tax collections were slightly higher than predicted, while revenues from other sources came in $22 million higher than expected, but corporate tax collections were $29 million below the projected level.
Since the start of the fiscal year July 1st, Minnesota’s revenues are around $140 million, or about 2.4-percent higher than anticipated.
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