State Tax Collections Still Far Above Forecast in May
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St. Paul, MN Minnesota tax collections significantly exceeded expectations for a second straight month in May.
The latest revenue review from the Minnesota Department of Management and Budget shows the state took in just under $1.8 billion last month. That is $148 million or about 9-percent higher than the amount that was predicted in the most recent state revenue forecast.
Higher than expected sales tax revenues accounted for about half of the higher than expected revenue total. Most of the other half was from fees and other miscellaneous revenue sources, while individual income tax payments were about $12-million over the predicted amount.
In April, state revenues were almost $490 million or 17-percent above the forecasted level. For the current fiscal year, Minnesota revenues have reached $20.6 billion which is $722 million or 3.6-percent ahead of the revenue forecast.
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