Minnesota Sees Tax Collections Outpace Projections Again
ST. PAUL, Minn. (AP) - Minnesota's coffers are $212 million fuller than state finance officials thought they'd be at this stage.
A budget update Monday by the Department of Minnesota Management and Budget documented tax collections that are outpacing projections. The report covers revenue through December.
The short-term snapshot feeds into expectations at the Capitol that a $1 billion projected surplus will swell. Individual income taxes accounted for the largest overage, coming in $166 million stronger than estimated earlier.
Lower gas prices have helped gin up other consumer spending, therefore raising sales tax revenue for the state.
This report looks only at tax patterns and doesn't dive into state spending trends.
The next economic forecast is due in late February or early March. It's the one lawmakers will base their final budget on.