Minn. Tax Collections Come In Better Than Expected
ST. PAUL (AP) – Minnesota took in $32 million more than anticipated during February and March as taxpayers withheld taxes on salary bonuses and businesses got smaller tax refunds.
State Management and Budget officials updated their revenue outlook on Monday for the first time since they released a budget forecast at the end of February.
The state collected $2.3 billion in revenue during the two months, 1.4 percent more than projected.
Minnesota’s budget is balanced through June, but the state faces a projected $5 billion shortfall in the coming two-year budget period.
The revenue update gives only a partial picture of the state’s finances because it doesn’t account for spending patterns.
(Copyright 2011 by The Associated Press. All Rights Reserved.)