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Minnesota Tax Collections Up $41 Million in August

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ST. PAUL  (AP) – Minnesota’s revenue is doing better than expected in the new budget year after August tax collections beat expectations.

Minnesota Management and Budget said Monday that the state took in $41 million, or 3.5 percent, more than anticipated in August, as individual income taxes and sales taxes came in well above projections.

The August revenue puts the state $31 million, or 1.4 percent, ahead of projections for the fiscal year that started in July. That’s after July tax collections came in below expectations.

The numbers don’t give a full picture of the state’s budget, because they don’t reflect spending. A more detailed report on revenues is due in October, followed by a full budget forecast in November.

(Copyright 2012 by The Associated Press.  All Rights Reserved)

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