Will Minnesota’s Projected Budget Surplus Continue to Grow?
St. Paul, MN (KROC-AM News) - Just weeks after issuing a new revenue forecast, the State of Minnesota is reporting state tax payments are still coming in higher than expected.
The state's net general fund revenues for the month of February total just over $1.3 billion. That is $55 million, or about 4.4 percent, above the level predicted by the updated revenue forecast issued earlier in the month. That report also projected a $1.6 billion state surplus for the next two-year budget cycle that begins this summer.
The February revenue report shows individual income tax payments were $17 million below the forecast while all the other major revenue categories were higher than projected. Sales tax payments exceeded the forecast by $25 million and corporate tax collections were $28 million higher. Various other state revenues from fees and other sources totaled $191 million, or $19 million above the forecast.