Minnesota collected more tax revenue than forecast in November and December. Minnesota Management and Budget said Thursday that the state took in $114 million, or 3.9 percent, more than anticipated during the last two months of 2012.
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.
Minnesota's 20-day state government shutdown hurt state revenue collections last month as tax auditors stayed home and lottery sales halted. The state's top finance official said Wednesday that the state took in $16.2 million less than anticipated for the month, a 1.7 percent drop from expectations.
Minnesota took in $32 million more than anticipated during February and March as taxpayers withheld taxes on salary bonuses and businesses got smaller tax refunds. State Management and Budget officials updated their revenue outlook on Monday for the first time since they released a budget forecast at the end of February.
First the good news: Minnesota tax collections exceeded expectations by $28 million the last two months. Now the bad: That's a drop in the bucket put against a forecast budget shortfall exceeding $6 billion.
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