MN brought in $43M more than expected the past 2 months

Author:
Updated:
Original:

Minnesota got $43 million more in taxes than officials thought it would get over the past two months.

The Management and Budget office said Monday total general fund receipts (basically, how much money came in and went to the big pie known as the "General Fund") hit $3.695 billion for November and December.

They'd thought it would be more like $3.625 billion.

How'd the state end up higher?

Well the office says the money that came in from individual income tax, corporate tax and "other revenues" were higher than predicted. That actually offset what ended up being lower-than-expected final figures for sales tax receipts.

More on the general fund

The general fund is the state's single largest fund, the Management and Budget Office explains. That's where most of our individual income taxes, sales taxes, corporate, and other taxes end up. That money can then be used for a wide variety of things.

(There are other funds that have designated uses – for example, money collected for the Legacy Amendment can only be used on clean water, parks and trails, and other things.)

Overall, the state is currently forecasting a budget surplus of nearly $1.9 billion.

Around $665 million of this will be allocated to budget reserves and environmental funds, following state law enacted recently that requires a third of any surplus to be saved, in order to protect the state against deficits in the future.

That will leave about $1.2 billion for the legislators to spend on other areas they feel need extra funding.

These numbers could change by the time the forecast is updated next month.

Next Up

Screen Shot 2020-11-23 at 9.54.21 AM

Newly elected representative vows to flout Minnesota COVID-19 rules

He wrote to Gov. Tim Walz, inviting him to a backyard gathering ahead of Thanksgiving.

coronavirus, covid-19

Minnesota Hospital Association: We are out of time to be 'Minnesota Nice'

The group is launching an ad campaign that holds nothing back about the seriousness of the situation in Minnesota hospitals.

MSU-Mankato hockey, Minnesota State, Mavericks

1 game into season and MSU Mankato is halted by COVID-19

The Mavericks played Bemidji State on Sunday.

Screen Shot 2020-11-23 at 8.57.50 AM

Cowboys TD featured horrible non-tackle by Vikings cornerback

Number 26 wanted nothing to do with making that tackle.

Screen Shot 2020-11-23 at 8.35.40 AM

New app will help Minnesotans find out about COVID-19 exposures

Personal information is not obtained by Google, Apple or the State of Minnesota.

Arianna Rooney

Missing: 16-year-old girl from White Bear Township

Anyone who sees her is asked to call 911.

Governor Tim Walz

Governor Tim Walz will again speak to Minnesotans on Monday

The press conference is scheduled to begin at 12:30 p.m.

Ed Davis

Timberwolves acquire forward Ed Davis from Knicks

The Wolves gave up Omari Spellman, Jacob Evans and a future second-round pick.

Adam Thielen

Cowboys score late to end Vikings' winning streak

Adam Thielen's two touchdowns weren't enough in a 31-28 defeat.

Juan Hernangomez

Timberwolves bring back Juancho Hernangomez on 3-year deal

Hernangomez will reportedly make $21 million to come back to Minnesota.

Related