Contact Us

Minnesota Shutdown Slowed Fiscal ’12 Tax Collections

Money
Getty Images

ST. PAUL (AP) – Minnesota’s government shutdown pushed state tax collections below projections for the first two months of the new fiscal year, as the state’s budget office sounds a note of warning about the U.S. economic outlook.

The Minnesota Management and Budget Office reported Friday that net general fund revenues for July and August were $93 million below the February forecast, but said that was largely caused by timing problems attributable to July’s statewide shutdown.

At the same time, MMB’s report reflected growing worries about the state of the U.S. and world economy and the potential effect on state tax collections. It notes the U.S. economy is in a “weakened state” and unlikely to withstand policy mistakes in Washington or Europe.

The next state budget forecast is due to be released in November.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

 

More WJON News

Recommended For You

Around the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to http://wjon.com using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for The WJON VIP Club quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive The WJON VIP Club contests, events, coupons, presales, and much more delivered to you for FREE.