November state revenue beats target, budget officials say
December 10, 2012 — 4:19pm
Minnesota’s revenue picture continued to beat projections in November, taking in nearly $10 million more than expected.
Sales tax revenue had the strongest improvement last month, taking in $383.7 million, nearly $4 million more than projected by Minnesota Management and Budget.
Individual income tax collections were off slightly, coming in at $615.3 million, about $200,000 below target.
Corporate income taxes accounted for $8 million, about $1.6 million less than expected.
An economic snapshot released last week by Minnesota Management and Budget revealed that the state will end the fiscal year about $1.3 billion better than projected, money that by law must go to repay K-12 public schools.
For the next two-year budget cycle, forecasters are anticipating a deficit of $1.1 billion.
Minnesota senators sharply questioned federal appeals court judge Neil Gorsuch during Wednesday's Supreme Court confirmation hearings, grilling him on whether he'd be protect the interests of ordinary people over corporations.
Other business groups like realtors, electric utility Xcel Energy Services, private colleges, tobacco giant Altria, Polymet Mining, health insurers and hospitals contributed to the overall total of $57.7 million to lobby the Legislature, the administration of Gov. Mark Dayton and Metro municipal governments.