October Tax Revenues Beat Out Projections
ST. PAUL, Minn. (AP) - Minnesota collected nearly 5 percent more in taxes in October than was anticipated.
Minnesota Management and Budget said Monday it collected just under $1.7 billion, $75 million more than forecast. Tax collections for the fiscal year, which started in July, are slightly ahead of projections.
October marks the second consecutive month that tax collections have come in high in a year where the state's monthly collections have generally lagged.
Sales taxes came in nearly $1 million shy of the state's expectations, but income and corporate taxes beat out projections.
State budget officials caution against interpreting the monthly figures because they don't account for changes in state spending patterns or quirks in timing of tax payments.