Minnesota Revenues Slightly Above Projections For Fiscal Year
St. Paul, MN (KROC-AM News) - A new report shows the State of Minnesota took in just under $20.1 billion in general fund revenues during the fiscal year that ended June 30th.
The Minnesota Department of Budget and Management says that is about $230 million, or 1.1-percent above the level that was predicted in the most recent state revenue forecast that was issued in February. That would put the revenue total for the entire fiscal year about 2.7-percent above the total from fiscal year 2015.
The report indicates individual income tax revenues were almost exactly what was predicted, while corporate tax revenues were $147 million, or over 11-percent higher than projected, while various other state revenues came in about three-percent higher than anticipated.
Overall state revenues during the fourth quarter were about $6.6 billion, which exceeded the February projections by about $241 million.