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Minnesota's revenue comes in $555M higher than expected

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Minnesota taxpayers and businesses have given state coffers a half-billion-dollar boost by handing over more earnings than expected in the last year.

Minnesota Management and Budget said Friday that the state's general fund had taken in $555 million more in revenue than anticipated during the fiscal year 2015.

The net amount for the general fund came in at $20.363 billion – that's 2.8 percent higher than the $19.808 billion predicted during the February budget forecast.

The state's fiscal years run from July 1 to June 30 of the next year (so the 2015 fiscal year, which this report covers, ended a couple weeks ago).

Nearly all of that additional revenue came from higher than expected individual and corporate income tax receipts, Management and Budget said.

The release also weighed in on Minnesota's economy – specifically the problems facing the state's iron ore business.

According to Management and Budget:

Globally, there's a glut of steel – meaning prices for steel, and the primary raw material iron ore, have dropped. The low prices combined with a strong U.S. dollar means domestic companies, such as auto makers, are actually importing steel rather than buying local.

Minnesota is responsible for about 75 percent of the United States' iron ore production, and in recent months businesses have slowed production and idled plants, affecting more than 1,000 workers – about a quarter of northeastern Minnesota's 4,400 iron ore mining jobs.

You can read more on the report here.

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