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.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Feb 10, 2012

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.

frozen window cold winter

Any good news? Yes, there's some.

Screen Shot 2023-01-29 at 1.54.31 PM

Aaron Pearson, 41, was reported missing on Thursday.

Screen Shot 2023-01-27 at 7.45.44 PM

Activists groups say they’ll call on Gov. Tim Walz and the Legislature to implement police reforms.

Pool

Minnesota Attorney General Keith Ellison filed suit against Charles Workman and his company, MN Crete Pools, LLC, in August.

Minneapolis police

The shooting occurred on the 2200 block of Emerson Avenue North on Wednesday.

ambulance

Police say the boy is in a critical condition, while the girl has severe injuries.

Rosedale Center

Leon Kismit Bell, 49, and Jack Mitchell Piche, 23, were sentenced in U.S. District Court on Jan. 20.

police lights squad car dark - Unsplash

The incident occurred Wednesday evening.

Screen Shot 2023-01-27 at 3.59.30 PM

The officer is a six-year veteran of the department.

abortion, planned parenthood

Having already passed in the House, it will now be sent to Gov. Tim Walz for signing into law.

Screen Shot 2023-01-27 at 7.45.44 PM

Memphis PD said Nichols complained of 'shortness of breath' following 'confrontations' with police, who in reality violently beat him.

police lights squad car dark - Unsplash

Warning: This story mentions suicide.

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.

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.

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.”

The sour economy dented Minnesota's tax receipts in 2009. But we still moved up in the state rankings of per capita tax revenue.

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.

Republican Sen. Dave Thompson told the Star Tribune he isn't looking to collect more revenue, but feels the current policy is hurting Minnesota retailers, like Target and Best Buy. Supporters of an Internet sales tax argue online retail giants have an unfair price advantage right now.

DONTCHA KNOW?

You Can Get BMTN Special Offers!

Get Our Newsletter

CLOSE

CLOSE

CLOSE

CLOSE