Minnesota Tax Collections Nearly 5% Higher Than Forecast
St. Paul, MN (KROC-AM News) - The state coffers are still taking in more money than expected.
The latest revenue update from the Minnesota Office of Management and Budget shows overall general fund revenues totaled just under $4 billion in February and March. That total is $176 million, or 4.6%, above the level that was predicted in the new State Revenue Forecast that was issued in February
Most of the higher-than-predicted revenues were due to individual income tax payments. They totaled just over $2 billion, which beat the forecast by $155 million, or 8.2%. Sales tax payments came in slightly slower than predicted. They missed the target by $9 million, or about 1%. Corporate tax payments were nearly 7% lower than forecast at $372 million.
Miscellaneous revenue from various fees and charges came in at $577 million. That was $57 million, or 11% above the forecast.
The report also included an update on the US economic outlook. The consultant hired by the state to compile the report says the outlook for real gross domestic product growth this year has improved during the past couple of months. It says the nation's real GDP is now forecast to grow 1.4% this year, which is double the .7 percentage point increase that was predicted in February.
