State Revenue Collections Fall Short in May
St. Paul, MN (KROC-AM News) - Minnesota's revised state revenue forecast has proven remarkably accurate during the past couple of months.
The Minnesota Office of Management and Budget says revenues directed to the state general fund totaled just under $1.5 billion during the month of May. That is about $20 million, or 1.3-percent less than what was predicted by the new revenue forecast. For the fiscal year, the state brought in just over $19 billion, which is only $9 million under the level projected by the new revenue forecast issued after the economic shutdown due to the pandemic.
For the month of May, individual income tax collections were $12 million higher than predicted, and sales tax revenues beat the projection by $13 million. On the negative side of the ledger, corporate tax payments fell $16 million below the prediction and other state revenues came up $28 million short of expectations.