Minnesota July Tax Collections On Target

St. Paul, MN (KROC-AM News) - July was the first month of the State of Minnesota's new fiscal year and overall tax collections were nearly in line with the most recent state revenue forecast.

The Minnesota Office of Management and Budget reported that net general fund revenues last month came in at just under $2 billion. That was about $9 million, or a half of a percentage point, higher than projected.

Get our free mobile app

The agency's monthly report indicates individual income tax payments were $59 million higher-than-expected, but that was offset by lower than predicted sales tax revenues, which fell $63 million short of the forecast.

Corporate tax payments totaled $123 million, which was $8 million over the projection and other revenues from fees and other sources ended up about $5 million higher than anticipated.

Preliminary figures show Minnesota's general fund revenues for the fiscal year that ended June 30 beat the forecast by more than $420 million.