State Revenues Fail to Meet Expectations
St. Paul, MN (KROC-AM News) - Minnesota’s tax collections were lower than expected during the first quarter of the state’s new fiscal year.
The Minnesota Department of Management and Budget reported Monday that overall general fund revenues totaled almost $4.46 billion from July through September. That was $97 million, or 2.1-percent, below the level predicted the most recent state revenue forecast.
When compared to the prediction, individual income tax payments missed the target by 1.1-percent, sales tax revenues were 2.1-percent lower, corporate income tax payments were off by 5.2-percent and miscellaneous revenue from fees and other sources came in 4.9-percent below projections.
The new state economic update also indicates general fund revenues for the previous fiscal year, which ended June 30th, ended up $220 million higher than expected at just under $20.9 billion.