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

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

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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.

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