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Strong tax collections in May puts Minnesota ahead of revenue projections

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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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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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 Management and Budget reports general fund revenues were $107 million less than projected last month. Gov. Mark Dayton and legislators will get an update on the state's budget forecast February 29. The forecast in December showed Minnesota had an $876 million surplus.

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In what could be another sign of economic recovery, tax revenues in all 50 states jumped in 2011. Slateline.org reports that Minnesota was one of the largest gainers, bringing in 15 percent more in 2011 than 2010. North Dakota was the envy of all others, with a whopping 44.5 percent revenue increase over the previous year.