Minnesota Tax Collections Slide Over Summer Months
ST. PAUL, Minn. (AP) - Minnesota's fiscal year is off to a rocky start as state government revenues slip below projections.
State budget officials announced Monday that tax collections were $97 million below their projections in the first three months of the fiscal year that began in July. That's a 2.1 percent miss compared to the state's budget.
Minnesota officials and legislative leaders have warned that the state's economic outlook isn't as rosy after several years of growth. On the bright side, the state left a big chunk of cash on its bottom line and has built up a hefty budget reserve.
The Legislature will be charged with passing a new, two-year budget when lawmakers return in early January.