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Contributors in Minnesota: Patrick Condon, Baird Helgeson, Patricia Lopez, Jim Ragsdale, Abby Simons, Rachel E. Stassen-Berger and Glen Stubbe. Contributors in D.C.: Allison Sherry, Corey Mitchell and Jim Spencer.

November state revenue beats target, budget officials say

Posted by: Baird Helgeson under State budgets Updated: December 10, 2012 - 4:17 PM

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.

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