State tax collections beat forecast by $30 million
Published 9:46 am Tuesday, August 11, 2015
ST. PAUL — Minnesota’s economic hot streak isn’t letting up.
State tax collections beat estimates by $30 million, or 3 percent, in July. That’s according to a Department of Minnesota Management and Budget report released Monday.
Stronger-than-expected income and sales taxes accounted for the difference. Corporate taxes and other types of revenues hit their mark. Last month officials said the state ended its fiscal year about $555 million ahead of projections.
Email newsletter signup
The tax collections are only one piece of the budget equation, and the monthly state reports don’t document spending patterns. Lawmakers will get a fresh update in November on whether the state still has a budget surplus and how big.