Minnesota August Tax Revenue Comes in $64 Million Above Forecast

St. Paul MN (MinnesotaNow) - Overall tax collections for the state of Minnesota exceeded expectations last month.

Minnesota Collects More Than $2.1 Billion in August

A regular report from the Minnesota Office of Management and Budget will shows that the state's general fund revenues totaled more than $2.1 billion in August. That was $64 million, or 3.1%, higher than what was predicted by the most recent state revenue forecast.

Minnesota State Capitol building (Getty Images)

Individual Income Tax Payments Top Expectations

The state agency reported that individual income tax payments were $24 million higher than forecast, and sales tax payments came in $25 million above the projection. The state also benefited from higher-than-expected revenues from fees and miscellaneous sources, which were $27 million over the forecast.

The only major revenue category that missed the target was corporate tax collections. The report indicates they were $12 million less than forecast.

Minnesota Management and Budget

Fiscal Year Revenue Already Tops $4.5 Billion

Since the beginning of the fiscal year on July 1, Minnesota's overall revenues total more than $4.5 billion. The report indicates that is nearly $200 million, or 4.6%, higher than the revenue forecast predicted.