August Tax Collections For Minnesota Exceeded Forecast (Again)
St. Paul, MN (KROC-AM News) - Tax collections reported by the State of Minnesota continued to be higher than forecast last month.
A monthly update from the Minnesota Office of Management and Budget shows net general fund revenues in August totaled just over $1.93 billion. That was $69 million or 3.7% above the level that was predicted by the most recent state revenue forecast.
Since the beginning of the fiscal year in July, overall tax revenues totaled nearly $3.7 billion. The total is $133 million higher than projected, which is also 3.7% above the forecast.
Individual income tax payments accounted for much of the windfall in August. The total amount collected was $1.019 billion while the forecast predicted income tax payments of $967 million. Corporate tax payments were $22 million higher than predicted, while general sales tax payments came in $8 million under the forecast at $666 million. Miscellaneous other state revenue sources totaled $183 million, which was $2 million ahead of the forecast.