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October 21, 2014

Minnesota tax revenue beat projections in November

Here’s a little ray of light to shine on a gloomy state budget forecast: Minnesota brought in about $10 million more in tax revenue than expected last month, the Star Tribune reports.

Of the various taxes the state collects, sales tax revenue had the most robust improvement in November, the newspaper reports. The state raked in $383.7 million in sales taxes, almost $4 million more than projected by Minnesota Management and Budget.

Individual income tax and corporate income taxes were slightly down from projections, the newspaper says.

State finance officials last week said the state faces a $1.1 billion budget shortfall overall for the next two years.

Gov. Mark Dayton has promised to break deficit budget cycles, and says tough decisions lie ahead for state policy makers.

Dayton and lawmakers on Monday said putting the state back in the black is their top priority.