Minnesota Fiscal Year Revenues Beat Forecast by a Half Billion $
St. Paul, MN (KROC-AM News) - A preliminary report shows the State of Minnesota finished the previous fiscal year with an extra $529 million.
The Minnesota Office of Management and Budget says the state's overall revenues for the fiscal year that ended on June 30 totaled almost $30.4 billion. That was $529 million or 1.8% above the amount that was predicted by the most recent state revenue forecast issued in February.
For the fiscal year, individual income tax payments were $305 million, or 2%, above the projection. Revenues from corporate tax payments exceeded the forecast by $163 million, or 5.9%, and income from fees and other miscellaneous revenue sources was 1.5%, or $65 million higher than expected. The report also shows the forecast for sales tax revenues was nearly perfect with collections just $3 million lower than the $7.4 billion prediction.
State revenues in the final quarter of the fiscal year were especially strong. The preliminary reports show overall state revenues in April, May, and June beat the revenue forecast by $353 million, or 4.1%.