Minnesota Tax Collections In August Lag Slightly
ST. PAUL (AP) — Minnesota collected 2 percent less in taxes in August than was originally expected, as revenue collections for the 2014 fiscal year droop slightly.
Minnesota Management and Budget reports Tuesday that net general fund revenues totaled just under $1.3 billion in August. That’s $26 million than was forecast. Since the start of fiscal year 2014, receipts are $46 million below forecast, which also totals 2 percent.
Both individual and corporate income taxes as well as a catch-all category of “other revenue” lagged behind expectation in August. Sales tax collections were higher than expected by more than $30 million.
State budget officials caution that monthly revenue variances should be interpreted with caution, and are often caused by variations from month to month in processing of tax payments and refunds.