Minnesota Tax Collections Missed the Target in Last Month
St. Paul, MN (KROC-AM News) - Just weeks after the Walz administration issued a new state revenue forecast projecting a $17 billion budget surplus, a monthly report shows state tax collections were a bit lower than expected in February.
The Minnesota Office of Management and Budget is reporting that met general fund revenues for last month totaled $1.283 billion, which is $99 million or 7.2% below the level predicted by the brand-new revenue forecast. For the current fiscal year, which began last July, general fund revenues are up to $18.628 billion.
The state report indicates individual income tax payments were a little higher than anticipated last month, while payments from the state's other major revenue sources were lower than projected. The income tax payments totaled $626 million, beating the forecast by $14 million.
State sales tax payments came in at $504 million, which was $7 million less than predicted. It was corporate tax payments that caused most of the variance. State officials say refunds exceeded payments by $57 million, causing revenues from the corporate tax payment to fall $98 million below the projection. Other revenues from fees and other miscellaneous payments to the state totaled $209 million in February, which was $8 million less than expected.