State tax collections add up to $43M extra in February

Published 10:22 am Wednesday, March 11, 2015

ST. PAUL — Minnesota revenue collections have shattered expectations yet again.

February saw $43 million more than finance officials were banking on. Figures released Tuesday by the Department of Minnesota Management and Budget said that amount was 5.7 percent ahead of projections.

The monthly report was the first since a wider-reaching economic forecast that predicted a $1.87 billion surplus would pile up by mid-2017.

Email newsletter signup

Officials always note that the monthly updates should be viewed cautiously, partly because they don’t look at the spending side of the ledger.

The strong collections were seen in individual and corporate income taxes as well as miscellaneous revenue. Sales tax receipts came in below expectations.