Minnesota reports extra $106 million in coffers

Updated: April 10, 2012 - 9:33 PM

17
comments
resize text
print
buy reprints

Tweet
share

email
Email share

your name

your email

recipients email

+ add a comment add a comment

Minnesota's general fund grew by $106 million more than originally forecast, according to new figures from the state.

The Minnesota Management and Budget office on Tuesday reported higher-than-expected revenue from income and sales taxes in the first quarter of 2012. Net general fund revenues for February and March totaled $2.496 billion -- about 4.4 percent more than the state had projected in February.

So far this year, individual income tax revenue was $60 million higher than expected, while sales tax receipts brought in $27 million more than projected. In all, the state brought in $11.8 billion for the first three months of 2012.

The agency says increased income tax withholding receipts are the largest factor for the bump, mostly from one-time bonuses rather than stronger underlying wage growth. Tax receipts for fiscal 2012 now total $11.8 billion, 4.1 percent better than at this point last year.

The figures give only part of the budget picture because spending patterns aren't included. The last projections, in February, indicated a $323 million surplus.

The department's July update will show whether income tax refunds and final income tax payments for 2011 are keeping pace with projections.

JENNIFER BROOKS