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State revenue running ahead of expectations

Revenue to Minnesota's general fund during the last two months of 2011 beat the forecast, thanks largely to more people working. Spending remains tight, though, and sales tax receipts are lagging.
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Revenue to Minnesota's general fund during the last two months of 2011 beat the forecast, thanks largely to more people working. Spending remains tight, though, and sales tax receipts are lagging.

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Minnesota tax revenue in August beats projections

Tax receipts for August beat projections by 3.5 percent. Minnesota Management and Budget reports revenue from sales taxes and individual income taxes was strong. It's a turnaround from July, when revenue was lagging.

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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.

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In what could be another sign of economic recovery, tax revenues in all 50 states jumped in 2011. Slateline.org reports that Minnesota was one of the largest gainers, bringing in 15 percent more in 2011 than 2010. North Dakota was the envy of all others, with a whopping 44.5 percent revenue increase over the previous year.

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