Minnesota tax collections below January forecast

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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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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Minnesota's latest economic forecast will be released February 29. In December, the state had an $876 million surplus, but Management and Budget Commissioner Jim Schowalter told the Star Tribune "It’s going to be zero or a negative number because we have so many debts to repay that it is very, very unlikely that we will have a surplus.”

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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.