State Revenues Surpass October Forecast Despite Tax Shortfalls

St. Paul, MN (KROC-AM News) - Minnesota tax collections were modestly ahead of the forecast last month even though most of the state's revenue sources missed the target.

A monthly update provided by the Minnesota Office of Management and Budget shows overall net general fund revenues for the state totaled just under $2.5 billion during the month of October. That was $24 million, or 1%, above the level predicted by the most recent state revenue forecast that was issued in February.

MOST OF MINNESOTA'S MAJOR REVENUE CATEGORIES CAME IN LOWER THAN PREDICTED

The report indicates all of the excess funds were due to higher than predicted payments of fees and other miscellaneous revenue. That category of income brought in $464 million, which was $76 million more than forecast.

All of the other revenue categories were below the forecast. Individual income tax payments totaled $1.26 billion, which was $1 million lower than predicted. State sales tax revenues were $47 million shy of the target at $673 million, while the state received $88 million in corporate tax payments. The forecast predicted $91 million.

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State officials say a more detailed report covering revenues received during the final three months of 2024 will be released in January.