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Minnesota tax revenue in August beats projections

Tax receipts for August beat projections by 3.5 percent. Minnesota Management and Budget reports revenue from sales taxes and individual income taxes was strong. It's a turnaround from July, when revenue was lagging.
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Tax receipts for August beat projections by 3.5 percent. Minnesota Management and Budget reports revenue from sales taxes and individual income taxes was strong. It's a turnaround from July, when revenue was lagging.

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Minnesota tax revenues $100 million higher than projected

Minnesota Management and Budget officials say revenue from both income and sales tax are more than originally forecast. The latest projections in February showed Minnesota had a $323 million surplus.

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Management and Budget Commissioner James Schowalter says better-than-expected sales tax collections last month helped pad Minnesota's budget. Since February, tax revenues have surpassed estimates by $148 million. An economic update will be released next month and a new budget forecast will be issued in November.

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Revenue from Minnesota taxes came in more than two percent ahead of expectations in the fiscal year that ended June 30th. A top budget official says the extra $336 million is good news, but doesn't really clear up the clouds on the economic horizon. The state still faces a $1 billion shortfall in the two-year budget that starts next summer. And forecasters are getting less optimistic about the prospects for growth.

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