Minn. tax collections continue to beat projections
Published 4:20 pm Friday, June 10, 2011
ST. PAUL, Minn. (AP) — Minnesota finance officials are predicting that this year’s individual income tax collections will beat projections by more than $100 million after May’s revenue came in $30.9 million ahead of expectations.
Minnesota Management and Budget reported Friday that the state collected $1.26 billion last month, 2.5 percent better than anticipated.
Most of the increase came from higher payments for individual income taxes and other, nonspecified sources of revenue. A final report on this year’s individual income taxes is due next month.
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Revenues in the current year now top a February budget forecast by $132 million.
The figures give only part of the budget picture because spending patterns aren’t included. The state is facing a projected $5 billion deficit for the budget period that starts July 1.