Minnesota's August tax revenue falls short of target by 2 percent - Bring Me The News

Minnesota's August tax revenue falls short of target by 2 percent


Budget officials say Minnesota tax collections in August came in a little short of the state's target.

Minnesota Management and Budget reported revenue for the month ran $26 million below projections, which the Pioneer Press says is a two percent shortfall.

As Politics in Minnesota reports, sales taxes actually beat expectations. But that was outweighed by shortfalls in corporate and income taxes.

PIM also notes the smaller figure may simply be the product of a lag in the accounting system. It seems the budget folks were relocating some equipment over the Labor Day weekend. One day's worth of August revenue will be lumped in with September's numbers.

Here's the report from Minnesota Management and Budget. Two months into the fiscal year the state is $46 million shy of projected revenue. A more thorough analysis next month will look at the first quarter.

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