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Thanks to more tax revenue, July was a good month for Minnesota's coffers

Last update: August 11, 2008 - 7:35 PM

The state of Minnesota's bank accounts were flusher than expected in July.

State tax collectors say they took in an extra $21.3 million, or 2.5 percent more than they anticipated.

That matches the rate of better-than-expected revenues for the fiscal year that ended in June.

The Minnesota Department of Finance and Employee Relations says higher-than-anticipated individual income taxes accounted for about two-thirds of the increase for July.

The agency's revenue update warns against reading too much into the numbers because collections can fluctuate from month to month. Also, the revenue update doesn't show what's happening with state spending.

That won't be clear until the next budget forecast in late November or early December.

ASSOCIATED PRESS

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