Report: State revenue in January $83M more than anticipated - Bring Me The News

Report: State revenue in January $83M more than anticipated

Author:
Publish date:
Social count:
0

Minnesota lawmakers will have more money to work with than they thought when they return to the state capitol Feb. 25.

Forum News Service reports the state's revenue in January was $83 million – that's 4.4 percent more than expected.

Among the contributing factors were an increase of $53 million in individual income tax payments and $17 million more in sales tax revenues.

Since the fiscal year began July 1, state revenues have been up $255 million, 2.4 percent more than anticipated, Minnesota Management & Budget says.

Total revenue for the fiscal year to date is $11 billion, the agency says.

Minnesota Management & Budget says the state's general funds receipts totaled $3.33 billion during the months of November and December, $172 million more than projected in November's budget and economic forecast.

State officials in December announced an estimated $1.08 billion surplus for the remainder of the two-year budget cycle, due in part to new tax increases.

Related

State tax revenue beats forecast, but $1 billion shortfall still looms

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.

Next Up