Minnesota Taxpayers Continue to Contribute More Than Predicted
St. Paul, MN (KROC-AM News) - Minnesota started out the new fiscal year with significantly higher than predicted tax collections.
A monthly report from the Minnesota Office of Management and Budget shows overall general fund revenues in July totaled just over $1.3 billion. That's about $67 million, or 5.4 percent above the level projected by the state's most recent revenue forecast.
The report shows individual income tax payments last month were $17 million below the forecast at $825 million, while the other four major categories beat the prediction. Sales tax revenues exceeded the forecast by $32 million, corporate tax payments were $31 million higher than predicted, and revenues from fees and other miscellaneous sources beat expectations by about $21 million.
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