Minnesota Pulls In Extra $100M In Taxes In February, March
ST. PAUL, Minn. (AP) - Minnesota has kept up a run of financial good fortune with $100 million more in tax collections in February and March than forecasters predicted.
A report Friday from the Department of Minnesota Management and Budget said the additional revenue topped projections by 4.6 percent.
Minnesota scooped up nearly $2.3 billion in various taxes and fees in those two months. Every major tax area except sales taxes exceeded projections.
The quarterly update won't change legislative budget discussions because lawmakers are working off a previous comprehensive forecast showing a $1.9 billion anticipated surplus. Friday's report looks only at revenue and not expenses.
Department economists highlighted a consumer boost from low oil prices. Minnesotans could spend $2 billion less on gas in 2015 than in 2014, an average savings of $900 per household.